RPT-Fitch affirms NOMAD at IFS 'B'; withdraws ratings

Thu Feb 6, 2014 4:38am EST

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Feb 6 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has affirmed and withdrawn Kazakhstan-based JBC NOMAD Insurance Company's (NOMAD) Insurer Financial Strength (IFS) rating 'B' and its National IFS rating 'BB+(kaz)' with Stable Outlooks.

KEY RATING DRIVERS

Fitch has withdrawn NOMAD's ratings as the company has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for NOMAD.

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