Liquidity remains a key rating weakness, limited by a relatively aggressive investment allocation stance. Further considering increases in net technical liabilities outpacing investment portfolio growth, cash and stressed financial assets coverage of net technical liabilities continued trending around 1.0x, while operational cash coverage equated to 34 months (FY19: 33 months; FY18: 39 months). As such, going forward, the entity’s liquidity could remain within the current range, despite management plans to maintain good earnings and reduce exposure to listed equities.
The Stable Outlook captures the expectation that developing earnings and business profile strengths could continue to compensate for limitations on liquidity and risk adjusted capitalisation over the rating outlook. Sustained improvement in earnings reflecting favourably on liquidity and risk adjusted capitalisation could be positively viewed. On the contrary, a weakening in risk adjusted capitalisation or in competitive position beyond expectations may result in negative rating action.
Liquidity remains a key rating weakness, limited by a relatively aggressive investment allocation stance. Further considering increases in net tech...
D’un point de vue microéconomique, les cryptoactifs ne constituent pas, à proprement parler, une innovation majeure. Cette posi...