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Business Men's Assurance Co. of America 'A-' Ratings Placed On CreditWatch Negative
Standard & Poors, June 2004
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) June 18, 2004--Standard & Poor's Ratings Services said today that it placed its 'A-' counterparty credit and financial strength ratings on Business Men's Assurance Co. of America (BMA) on CreditWatch with negative implications. 'The CreditWatch reflects Standard & Poor's view that the execution of BMA's business plan since the company's acquisition in May 2003 has been slower than expected and therefore at this time BMA's strategic importance to its ultimate parent, Royal Bank of Canada (TSE/NYSE:RY) (AA-/Stable/A-1+) is not as developed as previously expected,' said Standard & Poor's credit analyst Kevin Maher. New business growth is expected in the third and fourth quarters of 2004. 'We plan to review BMA's long-range growth strategies, the execution...
Companies mentioned in this report are: Business Men's Assurance Co. of America,Royal Bank of Canada
Action: On CreditWatch:Negative
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