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Moody’s upgrades Rothesay

Moody's has upgraded Rothesay’s insurance financial strength rating by one notch to A2 (from A3) and its long-term issuer rating to A3 (from Baa1). The rating outlook for both has been changed to stable from positive.

In the rationale for the upgrade, Moody’ commented it reflects Rothesay’s: (1) well established and strong market position; (2) strong and sustainable return on capital performance; (3) good asset quality supported by a conservative investment portfolio and lack of intangible assets; and (4) strong asset-liability management capabilities together with a demonstrated ability to originate the required assets to back long duration illiquid liabilities.

Full details of the ratings upgrade can be found here.