S&P rates Malayan Insurance

Standard & Poor's said it assigned its BB counterparty credit and financial strength ratings to Malayan Insurance Co., Inc.

The outlook is stable.

The agency said that the long-term insurer financial strength and counterparty credit ratings on Malayan reflect its aggressive investment portfolio, its relatively weaker operating performance than peers, along with the tougher operating environment in the Philippines.

According to S&P, these factors are partially offset by Malayan's strong market position--being the largest player in the domestic non-life insurance industry, its adequate capitalization and improvement in underwriting performance.

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