(Australia) – Ratings agency Standard and Poors has affirmed its ‘A-‘ counterparty credit ratings on Brisbane-based Suncorp-Metway, but has revised its outlook on the ratings to stable from positive.Citing intensifying competition in the general insurance industry, S&P said an upward rating was unlikely in the current market.
“Investment markets potentially remaining at currently low levels in the short to medium term are threatening the profitability of insurance operations,” the ratings agency said.
S&P also said that Suncorp’s banking operations were “increasingly challenged” to maintain and grow market share.