Tryg Subsidiaries TBi Ratings Lowered to 'BBB'; All Subsidiaries Ratings Remain on Watch Neg Aug 02
- ID: 1795006
- August 2002
- Standard & Poors
LONDON (Standard & Poor's) Aug. 20, 2002--Following its annual review, Standard & Poor's Ratings Services said today it lowered its long-term counterparty credit and insurer financial strength ratings on Denmark-based reinsurer Tryg-Baltica, internationalt forsikringsselskab A/S (TBi DK) and its wholly owned, U.K.-based insurance subsidiary Tryg-Baltica International (UK) Ltd. (TBi UK) (collectively TBi) to triple-'B' from triple-'B'-plus. The ratings on TBi DK and TBi UK remain on CreditWatch with negative implications, pending completion of the acquisition by Tryg I Danmark smba (TiD) of Nordea's general insurance activities (TG), which include TBi. The ratings were placed on CreditWatch with negative implications on June 20, 2002, following the announcement by TBi's ultimate parent, Nordea (core entities of the group are rated A+/Stable/A-1), that...
Companies mentioned in this report are:
- Sirius (Denmark) forsikringsselskab A/S
- Tryg Garantiforsikring A/S
- Chevanstell Ltd.
- Nordea Bank AB
Action: Various Rating Actions
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