...S&P Global Ratings' financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) reflects the unconditional guarantee of the company's insurance policy obligations by its parent, Tokio Marine & Nichido Fire Insurance Co. Ltd. (local currency: A+/Stable/A-1). We expect that Tokio Marine & Nichido Fire will ensure that claims made by TMIS' policyholders are paid. We therefore equalize the rating on TMIS with that on Tokio Marine & Nichido Fire. TMIS is a 92.45%-owned subsidiary of Tokio Marine & Nichido Fire, which is a core operating subsidiary of the Tokio Marine Group. Our issuer credit rating on TMIS reflects the company's highly strategic role in the Tokio Marine Group. We rate highly strategic subsidiaries one notch below the core operating subsidiaries. The financial strength rating on TMIS is one notch higher than the issuer credit rating because of the explicit support by Tokio Marine & Nichido Fire, which covers all insurance policy obligations. The issuer credit rating...
