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American Financial Group Inc. and Related Entities Ratings Placed on CreditWatch Negative Aug 01
Standard & Poors, Aug 2001
Abstract
NEW YORK (Standard & Poor's CreditWire) Aug. 2, 2001--Standard & Poor's today placed its ratings on American Financial Group (AFG) and related entities (see list) on CreditWatch with negative implications. This rating action follows AFG's second-quarter earnings release, in which the company announced it is experiencing an increase in the frequency and severity of asbestos claims. AFG also mentioned it intends to conduct a study over the next few months to review its asbestos and environmental exposures. AFG's operating results remain below Standard & Poor's expectations for the current rating level, primarily because of continued poor underwriting experience in its personal lines operations. This is partially offset by improving performance in the group's specialty lines and continued good performance at...
Action: 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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