Verdant Rock Limited, a Bermuda-based insurer, has been assigned a BBB+ Long-Term Insurer Financial Strength Rating with a Stable Outlook by Fitch Ratings, effective 12 June 2026. This rating, combined with the company's Class 3B insurer license from the Bermuda Monetary Authority (BMA) obtained on 6 May 2026, positions Verdant Rock to extend irrevocable, unconditional, on-demand financial guarantees on bonds and loans in emerging markets. These guarantees are designed to qualify as eligible credit protection under Basel and major insurance solvency regimes, targeting private liabilities such as corporate and bank debt, structured financings, asset-backed securities, mortgage-backed securities, and project finance.
The Fitch report, accessible here, highlights the company's strong capital position and business model. Co-Founder and CEO Tolga Uzuner stated, "The infrastructure and capital markets we are targeting have been systematically underserved over the past decade. Verdant Rock enters this space with an investment grade rating, a strong capital position, the regulatory standing, the technical capability, and the long-term commitment that issuers and their advisers have been unable to find elsewhere." The company's Class 3B registration can be verified via the BMA's register of regulated entities by searching "Verdant Rock" at https://www.bma.bm/regulated-entities.
Verdant Rock focuses exclusively on private liabilities and does not cover sovereigns, municipalities, or provinces. Its product suite includes guarantees for bonds and loans issued by emerging market corporations and banks, structured financings, asset-backed and mortgage-backed securities, and project finance. The company aims to address a funding gap in emerging markets, where credit enhancement has been scarce. The BBB+ rating reflects Fitch's assessment of Verdant Rock's financial strength and its ability to meet policyholder obligations. The stable outlook indicates that the rating is unlikely to change in the near term, barring significant adverse developments.
This development follows the company's licensing announcement in May 2026, as reported here. The rating and license together enable Verdant Rock to offer credit protection that meets regulatory standards under Basel III and Solvency II, benefiting institutional investors globally. By providing a credit enhancement mechanism, Verdant Rock facilitates capital flows into emerging market debt, potentially lowering borrowing costs for issuers and expanding investment opportunities for institutions seeking diversified, high-quality assets.
