We expect Muang Thai Life Assurance Public Co. Ltd.'s (MTL) capitalization to strengthen and stay above the 99.80% confidence level under Thailand Financial Reporting Standards (TFRS) 17. As a result, we revised upward our assessment of the Thai insurer's stand-alone credit profile (SACP) to'a'from'a-'. The ratings continue to be capped by the sovereign ratings on Thailand. We affirmed our'BBB+'long-term issuer credit and financial strength ratings on MTL. The stable outlook on MTL reflects that on our sovereign credit rating on Thailand. We expect the insurer to maintain its SACP over the next 12-24 months. On Oct. 28, 2026, S&P Global Ratings affirmed its'BBB+'long-term issuer credit and financial strength ratings on Muang Thai Life
