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EMEA Insurers Ratings List: Financial Strength Ratings And Scores

Here, S&P Global Ratings provides its long-term financial strength ratings (FSRs) and ratings scores for all the insurance companies where the main operations are within EMEA as of Sept. 30, 2021. The FSRs and component scores in the tables below are based on the main operating company within the group or the consolidated group, rather than the holding company.

We set out our methodology for assessing credit risk of insurers in "Insurers Rating Methodology," published on July 1, 2019, and this publication sets out the component scores that help us assess and opine on credit risk in this sector.

Table 1 shows the list of companies that have had changes to the financial strength ratings and/or scores since we last published "EMEA Insurers Ratings List: Financial Strength Ratings And Scores," July 14, 2021. Table 2 shows the list of companies that have had no changes.

Chart 1

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Chart 2

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Key To Abbreviations
BRP Business risk profile CP Competitive position IICRA Insurance industry and country risk assessment FRP Financial risk profile C&E Capital and earnings RE Risk exposure
FS Funding structure CRA Comparable ratings analysis GS Group support SACP Stand-alone credit profile GCP Group credit profile LC Local currency
FSR Financial strength rating V. strong Very strong V. low Very low M. low Moderately low M. high Moderately high M. negative Moderately negative
Sat. Satisfactory Int. Intermediate Excep. Exceptional

Table 1

Financial Strength Ratings And Component Scores--Changes
Entity Name BRP CP IICRA FRP C&E RE FS Anchor Governance Liquidity CRA SACP/GCP GS LC FSR LC FSR Outlook

Al-Ahleia Insurance Co. S.A.K.

Sat. Sat. Int. Strong V. strong M. high Neutral a- Neutral Adequate 0 a- 0 A- Stable

Convex Re Ltd.

Sat. Sat. Int. Strong Excellent High Neutral a- Neutral Adequate 0 a- 0 A- Stable

Gothaer Allgemeine Versicherung AG

Strong Strong Int. Strong Strong M. low Neutral a Neutral Excep. 0 a- 0 A Stable

Gulf Insurance Group K.S.C.P.

Strong Strong Int. Sat. Strong M. high Neutral a- Neutral Adequate 0 a- 0 A- Positive

Helvetia Schweizerische Versicherungsgesellschaft AG

Strong Strong Low V. strong V. strong M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

Insurance Co. Jusan Garant JSC

Weak Fair M. high Marginal Sat. High Neutral bb- Neutral Adequate 0 bb- 0 BB- Stable

Insurance Co. RESO-GARANTIA

Sat. Strong M. high Fair Sat. M. high Neutral bbb- Neutral Adequate 0 bbb- 0 BBB- Positive

Kommunal Landspensjonskasse

Strong Strong Int. Strong Strong M. low Neutral a- Neutral Excep. 0 a- 0 A- Stable

SALAMA/Islamic Arab Insurance Co. P.S.C.

Sat. Sat. Int. Fair Strong High Neutral bbb Neutral Adequate 0 bbb 0 BBB Watch Neg

Sampo PLC

V. strong V. strong Low Strong V. strong M. high Neutral a+ Neutral Excep. 0 a+ 0 A+ Positive

QLM Life & Medical Insurance Co.

Sat. Sat. Int. Strong Strong M. low Neutral a- Neutral Adequate 0 a- 0 A- Stable
All ratings are as of Sept. 30, 2021. *Capped by sovereign rating. §Government-related entity that receives support. BRP--Business risk profile. CP--Competitive position. IICRA--Insurance industry and country risk assessment. FRP--Financial risk profile. C&E--Capital and earnings. RE--Risk exposure. FS--Funding structure. CRA--Comparable ratings analysis. GS--Group support. SACP--Stand-alone credit profile. GCP--Group credit profile. LC--Local currency. FSR--Financial strength rating. V. strong--Very strong. V. low--Very low. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. Sat.--Satisfactory. Int.--Intermediate. Excep.--Exceptional.

Table 2

Financial Strength Ratings And Component Scores
Entity Name BRP CP IICRA FRP C&E RE FS Anchor Governance Liquidity CRA SACP/GCP GS LC FSR LC FSR Outlook

Abu Dhabi National Insurance Co. (PSC)

Sat. Sat. Int. V. strong V. strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

Achmea B.V.

Strong Strong Int. Strong V. strong M. high Neutral a Neutral Adequate 0 a 0 A Stable

AEGON N.V.

V. strong V. strong Low Strong Strong M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

African Reinsurance Corp.

Sat. Strong High V. strong Excellent M. high Neutral a- Neutral Excep. 0 a- 0 A- Stable

Ageas SA/NV

Strong Strong Int. V. strong V. strong M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

AIG MEA Ltd.

Fair Sat. M. high Sat. Strong M. high Neutral bbb Neutral Excep. 0 bbb 3 A Watch Neg

AIG South Africa Ltd.

Fair Sat. M. high Fair Sat. M. high Neutral bb+ Neutral Excep. 0 bb+ 0 BB* Stable

Al Buhaira National Insurance Co. (PSC)

Sat. Sat. Int. Fair Strong M. high M. negative bbb M. negative Less than adequate 0 bb+ 0 BB+ Positive

Al Koot Insurance & Reinsurance Co. P.J.S.C.

Sat. Sat. Int. Strong V. strong M. high Neutral a- Neutral Adequate 0 a- 0 A- Stable

Al Wathba National Insurance Co. PJSC

Fair Fair Int. Fair Strong M. high M. negative bbb- Neutral Adequate 0 bbb- 0 BBB- Stable

Alandia Forsakring Abp

Sat. Sat. Int. Strong V. strong M. high Neutral a- Neutral Excep. 0 a- 0 A- Negative

Alfastrakhovanie, OAO

Sat. Strong M. high Fair Sat. M. high Neutral bbb- Neutral Excep. 0 bbb- 0 BBB- Stable

Al-Khaleej Takaful Insurance Co. Q.P.S.C.

Sat. Sat. Int. Strong V. strong M. high Neutral bbb+ M. negative Adequate 0 bbb 0 BBB Positive

Allianz SE

V. strong Excellent Int. V. strong V. strong M. low Neutral aa Neutral Excep. 0 aa 0 AA Stable

Alte Leipziger Lebensversicherung a.G.

Strong Strong Int. Strong Strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

Amanat Insurance JSC

Weak Fair M. high Marginal Sat. High Neutral b+ Neutral Adequate 0 b+ 0 B+ Stable

Ascot Group Ltd.

Strong Strong Int. Sat. V. strong High Neutral a- Neutral Adequate 0 a- 0

Aspen Insurance Holdings Ltd.

Strong Strong Int. Sat. Excellent High M. negative a- Neutral Adequate 0 a- 0 A- Stable

ASR Nederland N.V.

Strong Strong Int. Strong V. strong M. high Neutral a Neutral Excep. 0 a 0 A Stable

Assuranceforeningen SKULD (Gjensidig)

Strong Strong Int. Strong Strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

Aviva PLC

V. strong V. strong Low Strong Strong M. low Neutral aa- Neutral Excep. 0 aa- 0 AA- Stable

AXA

V. strong Excellent Int. Strong Strong M. low Neutral aa- Neutral Excep. 0 aa- 0 AA- Stable

Baloise Holding AG

Strong Strong Low Excellent Excellent M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

Basel Insurance JSC

Vulnerable Weak M. high Fair Sat. M. high Neutral b Neutral Adequate 0 b 0 B Stable

Belfius Insurance S.A.

Sat. Sat. Int. Strong Strong M. low Neutral a- Neutral Adequate 0 a- 0 A- Stable

Britannia Steam Ship Insurance Association Europe (The)

Strong Strong Int. V. Strong Excellent M. high Neutral a Neutral Excep. 0 a 0 A Stable

Caisse Centrale de Reassurance

Strong Strong Int. Strong Excellent High Neutral a Neutral Adequate 0 0 AA§ Stable

CGPA

Sat. Sat. Int. V. strong V. strong M. low Neutral a- Neutral Excep. 0 a- 0 A- Stable

CNP Assurances

Strong Strong Low Strong Strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

Compania Espanola de Seguros de Credito a la Exportacion S.A.

Sat. Sat. Int. V. strong V. strong M. low Neutral a- Neutral Excep. 0 a- 0 A- Stable

Covea Cooperations

Strong Strong Int. Excellent Excellent M. low Neutral aa- Neutral Excep. 0 aa- 0 AA- Stable

DAS Rechtsschutz AG

Fair Fair Low Strong Strong M. low Neutral bbb Neutral Excep. 0 bbb 3 A Stable

Deutsche Rueckversicherung AG

Strong Strong Low V. strong Excellent M. high Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn

Strong Strong Low Excellent Excellent M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

Dina Forsakring AB

Sat. Sat. Low Strong V. strong M. high Neutral bbb+ Neutral Excep. 0 bbb+ 0 BBB+ Stable

Doha Insurance Group Q.P.S.C.

Sat. Sat. Int. Strong V. strong M. high Neutral a- Neutral Excep. 0 a- 0 A- Stable

Ecclesiastical Insurance Office PLC

Sat. Sat. Int. Sat. V. strong M. high M. negative bbb+ Neutral Excep. 1 a- 0 A- Stable

Echo Rueckversicherungs-AG

Fair Fair Int. Fair Strong High Neutral bbb- Neutral Adequate 0 bbb- 3 A- Stable

Elba Assicurazioni SpA

Fair Fair Int. Strong Strong M. low Neutral bbb Neutral Adequate 0 bbb 0 BBB Stable

Emirates Insurance Co. (PSC)

Sat. Sat. Int. V. strong V. strong M. low Neutral a- Neutral Excep. 0 a- 0 A- Stable

Energogarant PJSIC

Fair Sat. M. high Fair Sat. M. high Neutral bb+ Neutral Adequate -1 bb 0 BB Stable

Eurasia Insurance Co.

Sat. Strong M. high Sat. V. strong High Neutral bbb Neutral Adequate 0 bbb 0 BBB Stable

Eurasia Life JSC

Weak Fair M. high Sat. Strong M. high Neutral bb Neutral Adequate 0 bb 2 BBB- Stable

FIATC Mutua de Seguros y Reaseguros

Sat. Sat. Low Strong Strong M. low Neutral bbb+ Neutral Adequate 0 bbb+ 0 BBB+ Stable

Flood Re Ltd.

Sat. Sat. Int. Strong V. strong M. high Neutral a- Neutral Excep. 1 a 0 A Stable

Freedom Finance Insurance JSC

Vulnerable Weak M. high Fair Sat. M. high Neutral b Neutral Adequate 0 b 0 B Stable

Freedom Finance Life JSC

Weak Fair M. high Weak Fair High Neutral b Neutral Excep. 0 b 0 B Positive

Garantia Insurance Co. Ltd.

Sat. Sat. Int. Strong V. strong M. high Neutral a- Neutral Excep. 0 a- 0 A- Stable

Gard P&I (Bermuda) Ltd.

Strong Strong Int. V. strong V. strong M. low Neutral a+ Neutral Adequate 0 a+ 0 A+ Negative

GIC Re South Africa Ltd.

-- -- -- -- -- -- -- -- -- -- -- -- -- BB+** Negative

Gjensidige

Strong Strong Low V. strong V. strong M. low Neutral a Neutral Excep. 0 a 0 A Positive

Hannover ReTakaful B.S.C.

Fair Fair Int. Strong Strong M. low Neutral bbb+ Neutral Adequate 0 bbb+ 3 A+ Stable

Hannover Rueck SE

V. strong V. strong Int. Strong V. strong M. high Neutral aa- Neutral Excep. 0 aa- 0 AA- Stable

HDFC International Life and Re Co. Ltd.

Fair Fair Int. Strong Strong M. low Neutral bbb Neutral Excep. 0 bbb 0 BBB Stable

HDI Haftpflichtverband der Deutschen Industrie V.a.G.

Strong Strong Int. V. strong V. strong M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

HDI Versicherung AG (Austria)

Sat. Sat. Low Strong Strong M. low Neutral bbb+ Neutral Excep. 0 bbb+ 2 A Stable

Hiscox Ltd.

Strong Strong Int. Sat. Sat. M. low Neutral a- Neutral Excep. 1 a 0 A Stable

Ingosstrakh Insurance Co.

Sat. Strong M. high Sat. V. strong High Neutral bbb Neutral Excep. -1 bbb- 0 BBB- Positive

International General Insurance Co. Ltd.

Strong Strong Int. Strong V. strong M. high Neutral a- Neutral Adequate 0 a- 0 A- Stable

IPB Insurance CLG

Sat. Sat. Int. Strong V. strong M. high Neutral a- Neutral Excep. 0 a- 0 A- Stable

KBC Insurance N.V.

Strong Strong Int. Strong Strong M. low Neutral a- Neutral Excep. 0 a- 1 A Negative

KLPP Insurance and Reinsurance Co. Ltd.

Weak Fair M. high Strong V. strong M. high Neutral bb+ Neutral Excep. 0 bb+ 0 BB+ Stable

La Mondiale

Strong Strong Low V. strong V. strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

Lansforsakringar AB

Strong Strong Low V. strong V. strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

Legal & General Group PLC

V. strong V. strong Low Strong Strong M. low Neutral aa- Neutral Excep. 0 aa- 0 AA- Stable

Lexgarant Insurance Co. Ltd.

Weak Fair M. high Marginal Sat. High Neutral bb- Neutral Adequate 0 bb- 0 BB- Stable

Life Insurance Co. Nomad Life JSC

Fair Sat. M. high Fair Sat. M. high Neutral bb+ Neutral Excep. 0 bb+ 0 BB+ Stable

Liverpool Victoria Financial Services Ltd.

Sat. Sat. Low Strong Excellent M. high M. negative bbb+ Neutral Excep. 0 bbb+ 0 BBB+ Stable

Lloyd's

V. strong V. strong Int. Sat. V. strong High Neutral a+ Neutral Adequate 0 a+ 0 A+ Stable

LocalTapiola General Mutual Insurance Co.

Strong Strong Low V. strong Excellent M. high Neutral a Neutral Excep. 0 a 0 A Stable

London Steam-Ship Owners' Mutual Insurance Assn. Ltd. (The)

Fair Fair Int. Sat. Strong M. high Neutral bbb Neutral Excep. 0 bbb 0 BBB Negative

London-Almaty Insurance Co. JSC

Weak Fair M. high Marginal Sat. M. high Neutral bb- Neutral Adequate 0 bb- 0 BB- Stable

M&G PLC

Strong Strong Low V. strong V. strong M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

Mapfre S.A.

V. strong V. strong Int. Strong Strong M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

MetLife Europe d.a.c.

Sat. Sat. Int. Sat. Strong M. high Neutral bbb+ Neutral Excep. 0 bbb+ 3 A+ Stable

Munich Reinsurance Co.

V. strong Excellent Int. Strong V. strong M. high Neutral aa- Neutral Excep. 0 aa- 0 AA- Stable

Nacional de Reaseguros S.A.

Strong Strong Low V. strong V. strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

NN Group N.V.

Strong Strong Int. Strong Strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

Nomad Insurance Co.

Fair Sat. M. high Marginal Sat. High Neutral bb- Neutral Adequate 0 bb- 0 BB- Stable

North of England Protecting & Indemnity Association Ltd. (The)

Strong Strong Int. Strong V. strong M. high Neutral a Neutral Adequate 0 a 0 A Negative

Norwegian Hull Club

Strong Strong Int. Strong V. strong M. high Neutral a Neutral Adequate 0 a 0 A Stable

NPA Insurance Ltd.

Fair Fair Int. Sat. Sat. M. low Neutral bbb Neutral Excep. 0 bbb 0 BBB Stable

Oil Insurance Co. JSC

Weak Fair M. high Marginal Sat. High Neutral b+ Neutral Adequate 0 b+ 0 B+ Stable

Old Mutual Ltd.

Sat. Strong M. high Fair Sat. M. high Neutral bbb- Neutral Excep. 0 bbb- 0 BB* Stable

Oman Insurance Co. (PSC)

Sat. Sat. Int. V. strong V. strong M. low Neutral a- Neutral Excep. 0 a- 0 A- Positive

Orient Insurance P.J.S.C.

Sat. Strong Int. V. strong Excellent M. high Neutral a Neutral Excep. 0 a 0 A Stable

PASHA Insurance OJSC

Fair Strong High Marginal Sat. High Neutral bb Neutral Adequate 0 bb 0 BB Stable

Powszechny Zaklad Ubezpieczen S.A.

Strong V. strong M. high Strong V. strong M. high Neutral a- Neutral Excep. 0 a- 0 A- Stable

PRI Pensionsgaranti Mutual Insurance Co.

Strong Strong Low Strong V. strong M. high Neutral a Neutral Excep. 0 a 0 A Stable

Prudential plc

V. strong Excellent Int. V. strong V. strong M. low Neutral aa- Neutral Excep. 0 aa- 0 AA- Stable

Qatar Insurance Co. Q.S.P.C.

Strong Strong Int. Strong V. strong M. high Neutral a Neutral Adequate 0 a 0 A Negative

Ras Al-Khaimah National Ins Co.

Sat. Sat. Int. Strong Strong M. low Neutral bbb+ Neutral Adequate 0 bbb+ 0 BBB+ Stable

Rosgosstrakh PJSC

Fair Sat. M. high Fair Sat. M. high Neutral bb+ Neutral Adequate -1 bb 0 BB Stable

Santam Ltd.

Sat. Strong M. high Fair Fair M. low Neutral bbb- Neutral Adequate 0 bb 0 BB* Stable

Sava Re

Strong Strong Int. V. strong V. strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

SCOR SE

V. strong V. strong Low Strong V. strong M. high Neutral aa- Neutral Excep. 0 aa- 0 AA- Stable

Scottish Widows Ltd.

Strong Strong Low Strong Strong M. low Neutral a Neutral Excep. 0 a 0 A Negative

Seib Insurance and Reinsurance Co. LLC

Fair Fair Int. Sat. Sat. M. low Neutral bbb Neutral Adequate 0 bbb 0 BBB Stable

Sharq Insurance LLC

Fair Fair Int. Fair Strong High Neutral bb+ M. negative Excep. 0 bb 3 BBB Stable

Shipowners' Mutual Protection & Indemnity Association (Luxembourg)

Strong Strong Int. Strong V. strong M. high Neutral a Neutral Excep. 0 a 0 A Stable

Sinoasia B&R Insurance JSC

Weak Fair M. high Sat. Sat. M. low Neutral bb Neutral Excep. 0 bb 0 BB Stable

SiriusPoint Ltd.

Strong Strong Int. Sat. V. Strong High Neutral a- Neutral Adequate 0 a- 0 A- Negative

Societa Cattolica di Assicurazione

Strong Strong Int. Sat. Sat. M. low Neutral bbb+ Neutral Excep. 0 bbb+ 0 BBB* Watch Pos

Societe Centrale Prevoir

Sat. Sat. Low V. strong V. strong M. low Neutral a- Neutral Excep. 0 a- 0 A- Stable

St. James's Place U.K. PLC

Sat. Sat. Low Strong Strong M. low Neutral a- Neutral Excep. 0 a- 0 A- Stable

Standard Club UK Ltd. (The)

Strong Strong Int. Strong V. strong M. high Neutral a Neutral Excep. 0 a 0 A Negative

Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (The)

Strong V. strong Int. Strong V. strong M. high Neutral a Neutral Excep. 0 a 0 A Stable

Storebrand ASA

Strong Strong Int. Sat. Strong M. high Neutral a- Neutral Excep. 0 a- 0 A- Stable

Sveriges Angfartygs Assurans Forening (The Swedish Club)

Sat. Sat. Int. Strong V. strong M. high Neutral a- Neutral Excep. 0 a- 0 A- Stable

Swiss Life AG

Strong Strong Low V. strong V. strong M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

Swiss Re Ltd.

V. strong Excellent Int. Strong V. strong M. high Neutral aa- Neutral Excep. 0 aa- 0 AA- Negative

Tawuniya/The Co. for Cooperative Insurance

Strong Strong Int. Sat. Sat. M. low Neutral bbb+ Neutral Excep. 0 bbb+ 0 BBB+ Positive

Temiryol-Sugurta LLC

Weak Fair High Marginal Sat. High Neutral b+ Neutral Adequate 0 b+ 0 B+ Stable

Triglav Re, Reinsurance Co. Plc

Strong Strong Int. V. strong V. strong M. low Neutral a Neutral Excep. 0 a 0 A Stable

UNIQA Insurance Group AG

Strong Strong Int. Strong V. strong M. low M. negative a Neutral Excep. 0 a 0 A Stable

United Kingdom Mutual Steam Ship Assurance Association Ltd. (The)

Strong Strong Int. Strong V. strong M. high Neutral a Neutral Excep. 0 a 0 A Negative

UNUM Ltd.

Sat. Sat. Low Sat. Sat. M. low Neutral bbb+ Neutral Excep. 0 bbb+ 1 A- Stable

Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts

Strong Strong Int. Sat. Sat. M. low Neutral a- Neutral Excep. 1 a 0 A Stable

VHV Vereinigte Hannoversche Versicherung a.G.

Strong Strong Low Excellent Excellent M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe

Strong Strong Int. V. strong V. strong M. low Neutral a+ Neutral Excep. 0 a+ 0 A+ Stable

Walaa Cooperative Insurance Co.

Sat. Sat. Int. V. strong V. strong M. low Neutral a- Neutral Excep. 0 a- 0 A- Stable

Warba Insurance Co. K.S.C.P.

Fair Fair Int. Strong V. strong M. high Neutral bbb Neutral Adequate 0 bbb 0 BBB Stable

Wataniya Insurance Co.

Sat. Sat. Int. Sat. Strong M. high Neutral bbb Neutral Adequate 0 bbb 0 BBB Stable

West of England Ship Owners Mutual Insurance Association (Luxembourg)

Sat. Sat. Int. Strong V. strong M. high Neutral a- Neutral Excep. 0 a- 0 A- Negative

Wuerttembergische Lebensversicherung AG

Strong Strong Int. Strong Strong M. low Neutral a Neutral Excep. 0 a -1 A- Stable

Zurich Insurance Co. Ltd.

V. strong Excellent Int. V. strong V. strong M. low Neutral aa Neutral Excep. 0 aa 0 AA Stable
*Capped by sovereign rating. **The rating factors in support from the parent company. §Government-related entity that receives support. BRP--Business risk profile. CP--Competitive position. IICRA--Insurance industry and country risk assessment. FRP--Financial risk profile. C&E--Capital and earnings. RE--Risk exposure. FS--Funding structure. CRA--Comparable ratings analysis. GS--Group support. SACP--Stand-alone credit profile. GCP--Group credit profile. LC--Local currency. FSR--Financial strength rating. V. strong--Very strong. V. low--Very low. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. Sat.--Satisfactory. Int.--Intermediate. Excep.--Exceptional.

This report does not constitute a rating action.

Primary Credit Analyst:Kai B Mirza, London + 44 20 7176 3980;
kai.mirza@spglobal.com
Secondary Contacts:Mark D Nicholson, London + 44 20 7176 7991;
mark.nicholson@spglobal.com
Liesl Saldanha, London + 44 20 7176 0489;
liesl.saldanha@spglobal.com
Research Contributor:Rachit Chauhan, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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