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American Financial Group, Inc. Ratings Lowered, Worldwide Cos Assigned 'A' Rtgs, All WatchNeg Oct 01
Standard & Poors, Oct 2001
Abstract
NEW YORK (Standard & Poor's) Oct. 3, 2001--Standard & Poor's today lowered its ratings on American Financial Group, Inc. (AFG) and related entities (see list). The ratings remain on Creditwatch with negative implications, where they were placed on Aug. 2, 2001. At the same time, Standard & Poor's assigned its single-'A' counterparty credit and financial strength ratings to Worldwide Insurance Co., Worldwide Direct Auto Insurance Co., and Worldwide Casualty Insurance Co. The companies, acquired by AFG in 1999, were added to the Great American Insurance pool in 2000. The ratings, also on Creditwatch negative, reflect the companies' participation in the pool. The ratings downgrade reflects continued poor operating performance at AFG's personal lines division and earnings volatility and low interest...
Action: Downgraded, On CreditWatch Negative
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.
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