- Published: May 2012
- Region: United States
Research Update: Advent Syndicate 0780 Lloyd's Syndicate Assessment On CreditWatch With Positive Implications Following Fairfax Offer
- Published: July 2009
- Standard & Poors
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.
The capital provider for Advent Underwriting - Syndicate 0780 (the syndicate), Advent Capital (Holdings) PLC (Advent; not rated), is subject to an offer by Fairfax Financial Holdings Ltd. (Fairfax; BBB-/Stable/--) for the shares it does not currently own. Should the transaction be completed as anticipated, we expect that the syndicate will continue to be considered nonstrategic to Fairfax. However, we note the benefits of the change in ownership on the syndicate's continuity characteristics, and hence view the transaction as likely to result in the Lloyd's Syndicate Assessment (LSA) on the syndicate being raised. We are placing the "2" LSA on Advent on CreditWatch with positive implications. On July 23, 2009, Standard & Poor's Ratings Services placed its "2" Lloyd's Syndicate...
Companies mentioned in this report are: Advent Underwriting - Syndicate 0780,Lloyd's,Fairfax Financial Holdings Ltd.
Action: On CreditWatch:Positive
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Advent Underwriting - Syndicate 0780,Lloyd's,Fairfax Financial Holdings Ltd.