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South Korea’s Construction Guarantee (CG) is listed at A+ with a Stable outlook on its official ratings page, last updated 19 October 2025. That confirms the rating currently shown by CG, but it does not verify the headline’s claim that underwriting is set to recover. A 20 October 2025 industry report describes Fitch’s action as an upgrade; recent information from AM Best instead reports a multiyear run of underwriting losses, so any recovery forecast needs careful attribution.
What is confirmed about Fitch’s rating?
CG’s official credit ratings page lists Fitch A+ and a Stable outlook, with 19 October 2025 shown as the latest update. The page establishes CG’s published rating status; it does not, by itself, establish whether Fitch affirmed or upgraded the rating in that action.
A 20 October 2025 report by (Re)in Asia characterizes Fitch’s action as an upgrade to A+. Since the original Fitch action notice is not available among the cited sources, the distinction matters: the rating and outlook are confirmed on CG’s page, while the description of the action as an upgrade is attributable to (Re)in Asia.
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No. A credit rating and underwriting performance are related but distinct measures. The A+ rating is Fitch’s credit assessment as listed by CG; it is not, on the evidence available here, a verified forecast that guarantee underwriting will return to profit.
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AM Best reported on 24 July 2026 that CG had recorded three consecutive years of underwriting losses amid a material increase in guarantee claims during a downturn in the construction industry. That recent operating context argues against presenting recovery as an established outcome. It does not prove that losses will continue, but the cited reporting does not establish a near-term recovery either.
There is historical context for caution: in a 2021 release, Fitch identified potential volatility in CG’s underwriting because guarantee insurance is exposed to cycles in the Korean economy and construction sector. That is background on cyclical risk, not evidence of Fitch’s 2025 or 2026 forecast.
Rank #2
What do the reported financial figures show?
(Re)in Asia reported a regulatory capital ratio of 231.6% at the end of 2024 and a return on equity of 0.3% for 2024. These are period-specific figures, not current 2026 results. The available reporting gives no like-for-like industry benchmark, so the figures should be read as context rather than as proof of relative strength or future underwriting performance.
How do Fitch and AM Best assessments differ?
AM Best’s July 2026 report affirmed its own Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of a+ (Excellent), both with stable outlooks. These are AM Best ratings, not Fitch ratings. They address agency-defined credit and financial-strength assessments; their labels and scales should not be treated as interchangeable.
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| Agency and assessment | Rating and outlook | What the cited source establishes |
|---|---|---|
| Fitch, as listed by CG | A+ / Stable | CG’s official page shows this rating and outlook; its latest update is dated 19 October 2025. |
| AM Best, July 2026 | Financial Strength Rating: A (Excellent), stable; Long-Term Issuer Credit Rating: a+ (Excellent), stable | AM Best reported affirming these ratings and separately reported three consecutive years of underwriting losses. |
Which Construction Guarantee is this?
This article concerns South Korea’s Construction Guarantee cooperative, also called CG. It is not Sri Lanka’s Construction Guarantee Fund, a different organisation. Similar names do not make the entities, their ratings or their national contexts equivalent.
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Sources
- Construction Guarantee: official credit ratings page
- (Re)in Asia: 20 October 2025 report on Fitch’s action
- AM Best: 24 July 2026 rating and underwriting update
- Fitch 2021 release hosted by Construction Guarantee
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