Change of Rating
MITSUI SUMITOMO INSURANCE COMPANY, LIMITED (New Zealand Branch), an overseas company registered in New Zealand, hereby announces that the
rating of its financial strength was downgraded to "AA-" from "AA" on 26 March 2010 by the ratings agency Standard and Poor’s (Australia) Pty. Ltd.
This change of rating is pursuant to an equalisation of ratings following the consolidation of Japan’s Mitsui Sumitomo Insurance Group, Aioi Insurance and Nissay Dowa on 1 April 2010, given the creditworthiness of
the new group and status of the companies within the
group, including its overseas subsidiaries.
The Standard & Poor’s outlook on the long-term ratings
of MITSUI SUMITOMO INSURANCE COMPANY, LIMITED (New Zealand Branch) is stable, reflecting expectations that it will be able to maintain very strong business franchises and relatively stable financial bases, even in the current difficult business conditions.
This public notice is published pursuant to the terms of the Insurance Companies (Ratings and Inspections) Act 1994.