DBRS Morningstar upgrades Equitable Life's Financial Strength Rating and Issuer Rating to A (high) with Stable Trends.Equitable Life of Canada is pleased to announce that the global credit rating agency DBRS Morningstar has upgraded our Financial Strength Rating and Issuer Rating to A (high) with Stable Trends.
“We are very pleased with this upgrade,” said Ron Beettam, President and CEO of Equitable. “We have been operating in a very uncertain environment because of the global pandemic. This upgrade to our rating is very positive and reflects our continued strong business performance as well as our strong LICAT ratio of 162% at the end of Q2 2020, which puts us in the top tier of Canadian life insurance companies.”
A Financial Strength Rating is DBRS Morningstar’s assessment of an insurance company’s ability to make timely and full payment of its obligations on policyholder claims and benefits as well as financial contract guarantees and benefit obligations. An Issuer Rating reflects DBRS Morningstar’s assessment of that issuer’s likelihood of default and considers the issuer’s fundamental creditworthiness and business and financial risks.
For more information, please see the DBRS Morningstar Media Release.