A.M. Best downgrades Royal Dutch Shell captives
A.M. Best has downgraded the ratings of Solen Versicherungen AG (SVAG) and Noble Assurance Company, captives of Royal Dutch Shell (RDS).
The captives’ financial strength ratings have been downgraded to “A (Excellent)” from “A+(Superior) and the issuer credit ratings to “a+” from “aa+”.
The downgrade reflects the weakening in the credit profile of RDS, due to the continuing low oil prices.
According to A.M. Best, SVAG’s ratings reflect its affiliation with RDS, as it remains an important risk management tool. Therefore, a change in RDS’s credit profile could lead to an upgrade or downgrade for SVAG’s ratings.
