CBL expects credit downgrade as it seeks to raise capital after RBNZ, Irish central bank investigations

Wed, 07 Feb 2018

By Sophie Boot Feb. 7 (BusinessDesk) - CBL Corp is expecting a credit rating downgrade as it seeks to raise cash to deal with a mandated increase to its reserves from the Reserve Bank of New Zealand and Central Bank of Ireland. The announcement comes after CBL's statement on Monday that it planned to raise capital after posting a full-year loss of between $75 million and $85 million that reflected an increase in future claims reserve and write-off of receivables for its French construction insurance business. Today, CBL said it expects a...

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