Verdant Rock Limited, a Bermuda-based insurance company, has received a BBB+ Long-Term Insurer Financial Strength Rating with a Stable Outlook from Fitch Ratings, effective 12 June 2026. The rating, combined with the company's Class 3B Insurer license from the Bermuda Monetary Authority (BMA) obtained on 6 May 2026, enables Verdant Rock to extend irrevocable, unconditional, on-demand financial guarantees on bonds and loans in emerging markets for beneficiaries globally.
The company's guarantees are designed to qualify as eligible credit protection under Basel and major insurance solvency regimes. Verdant Rock focuses on private liabilities, specifically bonds and loans issued by emerging market corporations and banks, structured financings, asset-backed (ABS) and mortgage-backed (MBS) exposures in securities or loan format, and project finance. The company does not cover sovereigns, municipalities, or provinces.
Tolga Uzuner, Co-Founder and CEO of Verdant Rock Limited, 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 Fitch Ratings report can be accessed at Fitch Rates Verdant Rock at 'BBB+'; Outlook Stable. Verdant Rock's Class 3B registration can be verified via the BMA's register of regulated entities at https://www.bma.bm/regulated-entities (search "Verdant Rock").
This development is significant because it marks the entry of a newly rated insurer into the underserved emerging market credit enhancement space. The investment-grade rating provides credibility and access to institutional investors seeking eligible credit protection under Basel III and Solvency II frameworks. With a strong capital position and regulatory standing, Verdant Rock is poised to fill a gap left by traditional monoline insurers, which have retreated from emerging markets in recent years. The company's focus on private sector liabilities—excluding sovereign risk—differentiates it from other guarantors and aligns with the needs of banks and corporations in developing economies.
The stable outlook from Fitch indicates that the rating is unlikely to change in the near term, reflecting confidence in Verdant Rock's business model and capital adequacy. As the company begins to underwrite guarantees, its performance will be closely watched by market participants. The ability to offer Basel-compliant credit protection could lower financing costs for emerging market issuers, potentially spurring investment in infrastructure and other capital-intensive projects.
This announcement is for information only and does not constitute an offer or solicitation to buy or sell any security, insurance product, or financial guarantee. Forward-looking statements are not guarantees of future results, and Verdant Rock undertakes no obligation to update them. A credit rating is not a recommendation to buy, sell, or hold any security and may be subject to revision, suspension, or withdrawal at any time by the assigning rating agency.
