ICRA Nepal revises issuer rating assigned to IME General Insurance as ICRANP-IR] BBB; rating indicates moderate degree of safety regarding timely servicing of financial obligations

ICRA Nepal Limited has placed the issuer rating assigned to IME General Insurance Limited on watch with negative implications, revised rating is [ICRANP-IR] BBB& (Pronounced as ICRA NP Issuer Rating Triple B) and moved the rating to ‘Issuer not cooperating’ category with notice for rating withdrawal. Issuers with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such issuers carry moderate credit risk. The symbol ‘&’ indicates rating on ‘Watch with Developing Implications’

The Rating is only an opinion on the general creditworthiness of the rated entity and not specific to any particular debt instrument.  For the Rating categories [ICRANP-IR] AA through to [ICRANP-IR] C. These sign of + (plus) or – (minus) may be appended to the Rating symbols to indicate their relative position within the Rating categories concerned. Thus, the Rating of [ICRANP-IR] BB+ is one notch higher than [ICRANP-IR] BB, while [ICRANP-IR] BB- is one notch lower than [ICRANP-IR] BB.