In this rating methodology , we explain our general approach to assigning financial strength ratings and instrument-level ratings to general insurance and life insurance companies in Vietnam .
As part of our credit analysis in this sector, we establish a stand-alone assessment for an insurance company. A stand-alone assessment reflects our opinion of the entity’s intrinsic credit strength, absent any support from an affiliate or government, relative to other financial institutions in Vietnam, and the company’s likelihood of requiring support to avoid a default. We then incorporate affiliate support, which reflects our assessment of the entity’s ability to pay its debt and debt instruments, given support from an affiliate. Finally, we include government support, which reflects our opinion on the likelihood of government support being provided in the event of stress.
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