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S&P Afms SAFECO,Units Rtgs;Downgrades SAFECO Life Ins Mar 98
Standard & Poors, March 1998
NY -- Standard & Poor's CreditWire 3/10/98 -- Standard & Poor's today affirmed its ratings on SAFECO Corp., SAFECO Credit Corp., the SAFECO Insurance Co. Intercompany Pool members, and the American States Intercompany Pool members. At the same time, Standard & Poor's lowered its claims-paying ability and counterparty credit ratings on SAFECO Life Insurance Co. to double-`A'-minus from double-`A'. The outlook remains stable. The rating downgrade at SAFECO Life reflects the reduced financial flexibility of the company as a result of SAFECO Corp's 1997 acquisition of American States. The rating action also reflects uncertainty surrounding its new life insurance business initiatives. SAFECO Life's business review is good due to its established market positions in the structured settlement, bank-distributed annuity, qualified...
Companies mentioned in this report are: Safeco Corp.,American States Insurance Co.,Symetra Life Insurance Co.
Action: Various Rating Actions
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.
Safeco Corp.,American States Insurance Co.,Symetra Life Insurance Co.