Moody’s upgrades Singlife

Moody’s Ratings said it upgraded Singapore Life Holdings Pte. Ltd.'s (Singlife Holdings) issuer rating to Baa1 from Baa2 and the subordinated notes rating to Baa2 from Baa3.

The agency said it also revised the outlook to stable from rating under review. This rating action concludes the review for upgrade started on Jan. 11.

“The upgrade of SingLife’s ratings reflects the benefit from Sumitomo Life to Singlife because of the former's stronger credit profile in terms of market position, capital resources and financial flexibility. Hence, Moody’s has incorporated one-notch support uplift from Sumitomo Life after the regulators in Singapore and Japan approved Sumitomo Life’s acquisition of full ownership of Singlife, as announced on March 18, 2024,” the agency said in a press release.

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