A South Africa-based financial services company’s national scale financial strength rating has been kept at AA(ZA), with a stable outlook, by GCR Ratings.
Compass Insurance Company’s (Compass Insure) rating reflects the resilience of its credit profile, supported by a strong financial profile. This is despite a strained operating environment brought on by the coronavirus disease 2019 (COVID-19) crisis.
The stable outlook reflects GCR’s expectations that the company’s earnings will be maintained within a healthy range, while capitalisation is likely to be maintained above 1.3x.
This comes after GCR affirmed Compass Insure’s national scale financial strength rating at AA(ZA) with a stable outlook in 2020.