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Improved ratings for Heritage and PTA Bank get

CARTOON
By | December 17th 2009

By Morris Aron and John Oyuke

Heritage Insurance, part of CFC Stanbic Group, has received an AA- rating by Global Rating Agency for its good claims paying ability.

GCR said in a report that the insurer has a "very high credit quality with equally strong protection factors."

The report, which is valid until July 2010, cites Heritage’s established position in the market emanating from the synergies of a large shareholder group.

The insurance firm is part of CFC Stanbic Group that includes CFC Stanbic Bank, CFC Life Insurance Company, CFC Stanbic Financial Services and CFC Stanbic Investment Services.

"We are elated at this seal of approval from GCR who assessed us on several parameters such as solvency and liquidity, operations, solvency and actuarial valuation, reinsurance, financial performance and future prospects," Heritage Managing Director, John Milne, said.

According to GCR, the company’s internal and external organisational factors indicated a strong financial base with experience that spans over 30 years. GCR reckons that the insurance market looks ‘promising,’ citing increased uptake of insurance by the public.

Heritage Insurance has targeted a niche market, establishing itself as a major player in the

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Insurance industry.

GCR looked at a compilation of industry financial statistics and an overview of the industry covering aspects such as the nature of value creation, barriers to entry, regulatory trends, vulnerability to economic cycles and input costs, for its industry assessment.

PTA Bank

Meanwhile, Fitch Ratings affirmed the investment-grade credit ratings of the Eastern and Southern Africa Trade and Development Bank (PTA Bank) as stable.

The Bank’s long-term creditworthiness received a "BB-" (BB minus), and short-term rating stood at "B".

PTA’s ratings rely primarily on the support from its shareholders, who are sovereign countries in Common Market for Eastern and Southern Africa (Comesa) region

Fitch Rating said, in a statement, that the strong support from China and African Development Bank (AfDB) had enabled the bank to acquire the rating.

The agency said AfDB had a credit rating of triple A, while China has an "A+" (A plus) rating.

PTA Bank was established on November 6, 1985, to provide medium, and long-term financing to private-sector organisations and projects in regional member countries.

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