Research Update: Northbridge Financial's Subs Ratings Raised To 'BBB+', Removed From Watch Positive
Standard & Poors, October 2007
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Abstract
On Oct. 25, 2007, Standard & Poor's Ratings Services raised its counterparty credit and financial strength ratings on Northbridge Financial Corp.'s operating companies (collectively Northbridge; see ratings list) to 'BBB+' from 'BBB' and removed them from CreditWatch with positive implications, where they were placed on Oct. 18, 2007. The outlook is stable. The upgrade is based on the view that Northbridge's stand-alone competitive position, operating performance, reserve adequacy, and enterprise risk management (including governance and accounting) are better than those of Fairfax Financial Holdings Ltd.'s (FFH; BB/Stable/--) wholly owned entities on a consolidated basis including its runoff operations (Fairfax). Following a detailed review of Northridge's ownership structure, board of directors, and risk-management capabilities, we have separated the ratings on Northbridge...
Companies mentioned in this report are: Commonwealth Insurance Co.,United States Fire Insurance Co.,Fairmont Premier Insurance Co.,North River Insurance Co.,TIG Insurance Co.,TIG Insurance Co. of CO,Fairmont Insurance Co.,TIG Insurance Corp. of America,TIG Specialty Insurance Co.,TIG Indemnity Co.,TIG Insurance Co. of TX,Crum & Forster Insurance Co.,Crum & Forster Specialty Insurance Co.,TIG Holdings Inc.,Fairfax Financial Holdings Ltd.,Lombard General Insurance Co. of Canada,Markel Insurance Co of Canada,Federated Insurance Co. of Canada,Crum & Forster Holdings Corp.
Action: Removed From CreditWatch
Action: Upgraded
Commonwealth Insurance Co.,United States Fire Insurance Co.,Fairmont Premier Insurance Co.,North River Insurance Co.,TIG Insurance Co.,TIG Insurance Co. of CO,Fairmont Insurance Co.,TIG Insurance Corp. of America,TIG Specialty Insurance Co.,TIG Indemnity Co.,TIG Insurance Co. of TX,Crum & Forster Insurance Co.,Crum & Forster Specialty Insurance Co.,TIG Holdings Inc.,Fairfax Financial Holdings Ltd.,Lombard General Insurance Co. of Canada,Markel Insurance Co of Canada,Federated Insurance Co. of Canada,Crum & Forster Holdings Corp.
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