Verdant Rock Limited has received a BBB+ Long-Term Insurer Financial Strength Rating with a Stable Outlook from Fitch Ratings, effective June 12, 2026. This rating, combined with the company's Class 3B Insurer license from the Bermuda Monetary Authority (BMA) obtained on May 6, 2026, positions Verdant Rock to provide irrevocable, unconditional, on-demand financial guarantees on bonds and loans in emerging markets for global beneficiaries.
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 and does not cover sovereigns, municipalities, or provinces. Its scope includes 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.
Tolga Uzuner, Co-Founder and Chief Executive Officer 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 here. Verdant Rock's Class 3B registration can be verified via the BMA's register of regulated entities by searching for "Verdant Rock" at https://www.bma.bm/regulated-entities.
The BBB+ rating reflects Verdant Rock's strong capital position, experienced management team, and focused business strategy. The Stable Outlook indicates that Fitch expects the company to maintain its financial strength over the near term. This development is significant for emerging market borrowers, who have often struggled to obtain credit enhancement from highly rated monoline insurers. By offering investment-grade guarantees, Verdant Rock can help improve the credit profiles of bonds and loans, potentially lowering borrowing costs and attracting a broader investor base.
Verdant Rock's entry into the market addresses a gap left by traditional monoline insurers that retreated following the 2008 financial crisis. The company's Bermuda-based regulatory framework, overseen by the BMA, provides a robust supervisory environment. As a Class 3B insurer, Verdant Rock is subject to stringent capital and solvency requirements, ensuring it can meet its obligations to policyholders.
The company's guarantees are structured to be Basel III and Solvency II compliant, making them attractive to banks and insurance companies seeking regulatory capital relief. This capability could spur increased lending and investment in emerging market infrastructure, energy, and other capital-intensive projects. With the BBB+ rating and BMA license in place, Verdant Rock is poised to begin underwriting guarantees, starting a new chapter for credit enhancement in underserved markets.
