Tokio Marine&Nichido unconditionally guarantees the insurance policy obligations of Tokio Marine Insurance Singapore. We are therefore raising our financial strength rating on TMIS to 'AA-' from 'A+' while affirming the 'A+' issuer credit rating. The negative outlook on TMIS reflects the rating outlook on Tokio Marine&Nichido. On Oct. 14, 2014, Standard&Poor's Ratings Services raised its local currency long-term financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) to 'AA-' from 'A+'. At the same time, we affirmed our 'A+' local currency issuer credit rating on the Singapore-based insurer. The outlooks on the ratings are negative. We also affirmed our 'axAAA' long-term ASEAN regional scale rating on TMIS. We raised the financial strength rating
