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BHP Billiton Marine & General Insurances Pty Ltd. Dec 11
Standard & Poors, Dec 2011
Abstract
High integration with its strong parent, BHP Billiton PLC (BHPB; A+/Stable/A-1), and expectation of continued support from BHPB Very strong risk-based capitalization Strong and liquid investment asset profile Inherent underlying earnings volatility Limited external reinsurance protection The ratings on Australia-based BHP Billiton Marine & General Insurances Pty Ltd. (M&G) are equalized with that on its parent, BHP Billiton PLC (BHPB; A+/Stable/A-1), reflecting M&G's core status as a captive insurance vehicle for the group. The ratings also reflect M&G's high integration with BHPB and the expectation of continued support from the parent, as well as M&G's very strong risk-based capitalization. Moderating features to the ratings include M&G's inherent underlying earnings volatility as a captive insurer, and its limited external reinsurance protection...
Companies mentioned in this report are: BHP Billiton Marine & General Insurances Pty Ltd.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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