Summary: Tenet Sompo Insurance Pte. Ltd.

The rating on Tenet Sompo Insurance Pte. Ltd. is based on our assessment of the insurer's status as a highly strategic subsidiary of Sompo Japan Nipponkoa Group (core subsidiaries rated A+/Stable/--). Our rating on Tenet Sompo is one notch lower than the 'a+' group credit profile of Sompo Japan Nipponkoa Group, given the company's highly strategic importance to the group. Our assessment of Tenet Sompo's strategic importance to Sompo Japan Nipponkoa Group reflects our view that the insurer's provision of insurance support to Japanese entities operating in Singapore and its role as a risk aggregation and transfer vehicle for other subsidiaries of the group are integral to Sompo Japan Nipponkoa Group's business. The group has shown strong commitment of support

...The rating on Tenet Sompo Insurance Pte. Ltd. is based on our assessment of the insurer's status as a highly strategic subsidiary of Sompo Japan Nipponkoa Group (core subsidiaries rated A+/Stable/--). Our rating on Tenet Sompo is one notch lower than the 'a+' group credit profile of Sompo Japan Nipponkoa Group, given the company's highly strategic importance to the group. Our assessment of Tenet Sompo's strategic importance to Sompo Japan Nipponkoa Group reflects our view that the insurer's provision of insurance support to Japanese entities operating in Singapore and its role as a risk aggregation and transfer vehicle for other subsidiaries of the group are integral to Sompo Japan Nipponkoa Group's business. The group has shown strong commitment of support to Tenet Sompo through a net-worth maintenance agreement. The parent injected Singapore dollar (S$) 333.7 million in 2011 and S$50 million in 2012 to support Tenet Sompo. We believe the parent is highly unlikely to sell its interest...

Summary