On July 1, 2008, Standard&Poor's Rating Services raised its insurer financial strength and counterparty credit ratings on Tokio Marine Insurance Singapore Ltd. (TM Singapore) to 'AA-' from 'A+'. The outlook is stable. The rating action reflects the insurer's strengthened strategic importance to its majority parent, Japan-based Tokio Marine&Nichido Fire Insurance Co. Ltd. (Tokio Marine; AA/Stable/A-1+). This increased role follows TM Singapore's merger with The Tokio Marine&Fire Insurance Co. (Singapore) Pte. Ltd. (TMF Singapore), effective July 1, 2008 and expectations that the merged entity will play a significant role in the group's expansion in Asia. The ratings also reflect TM Singapore's sound capitalization, good business profile, and satisfactory investment portfolio. However, intense competition in the
