Malaysia:MNRB's ratings hinge on Malaysian Re

Investment holding company MNRB, whose stable comprises reinsurance and retakaful as well as takaful companies, has a dominant position in the domestic general reinsurance industry where subsidiary Malaysian Re boasts a large share of gross reinsurance premium, notes RAM Rating Services.

The credit rating agency reaffirms the ratings of 'AA3' and 'A1' for senior sukuk and subordinated sukuk respectively of MNRB Holdings. It also reaffirms the 'AA2/P1' and 'AA3' for the insurer financial strength ratings and subordinated medium-term note programme respectively of Malaysian Re. The outlook for these ratings is 'Stable'.

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