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Business Men's Assurance Co. of America 'A' Ratings Remain on CreditWatch Negative
Standard & Poors, May 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) May 1, 2003--Standard & Poor's Ratings Services commented today on its 'A' counterparty credit and financial strength ratings of Business Men's Assurance Co. of America (BMA) following the close of the sale of BMA's direct insurance business to Liberty Life Insurance Co., which is a subsidiary of Royal Bank of Canada Insurance Co. Ltd., the insurance operation of Royal Bank of Canada (RBC). The ratings had been placed on CreditWatch with negative implications on May 2, 2002, following the announcement that Assicurazioni Generali SpA (Generali) intended to sell BMA, excluding its life reinsurance division. The close of this transaction had been delayed pending regulatory approval of the transaction. 'The ratings will remain on CreditWatch negative...
Companies mentioned in this report are: Business Men's Assurance Co. of America,Royal Bank of Canada,Assicurazioni Generali SpA,Liberty Life Insurance Co.,Royal Bank of Canada Insurance Co. Ltd.
Action: CreditWatch Update
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