OREANDA-NEWS.National Rating Agency has lowered its reliability rating on National Fire Insurance Company (NFIC) to ‘BB’. The rating remains on the Watchlist with indefinite implications.

The rating downgrade reflects the absence of any plan, coordinated with the regulator, to restore NFIC's solvency.

The company was assigned NRA’s individual reliability rating of ‘A-’ (high, Level 3, reliability) in December 2013. In January 2014, the rating was lowered to 'BBB+' (adequate, Level 1, reliability) and placed on the Watchlist with indefinite implications. NFIC will remain on the Watchlist until we get information about the completion of the external administration the company was put under or any other information  that would enable a more reliable assessment of the prospects of reestablishment of the powers of