Bulletin: Nordic Insurer If P&C Insurance Ratings Unaffected By Proposed Sale Of Sampo Bank PLC Nov 06

Standard & Poors, November 2006

Abstract
LONDON (Standard & Poor's) Nov. 9, 2006--Standard & Poor's Ratings Services said today that its ratings and outlook on Sweden-based If P&C Insurance Ltd. (publ) (A/Stable/--) and Finland-based If P&C Insurance Co. Ltd. (A/Stable/--)--collectively the If P&C Insurance group (If)--are not immediately affected by Sampo PLC's proposed sale of its Finland-based banking operation, Sampo Bank PLC (A/Watch Pos/A-1), to Denmark-based Danske Bank A/S (AA-/Stable/A-1+). Sampo PLC is expected to retain sufficient transaction proceeds to maintain group consolidated capital adequacy and financial leverage at strong levels. Dividend income requirements at the holding company, Sampo PLC, are not expected to be too onerous for If, which will become the main source of cash flow to service group debt obligations and dividends. The...

Companies mentioned in this report are:
- If P&C Insurance Ltd. (publ)
- Danske Bank A/S
- Danske Bank PLC
- If P&C Insurance Co. Ltd.

Action: Bulletin

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.

- If P&C Insurance Ltd. (publ)
- Danske Bank A/S
- Danske Bank PLC
- If P&C Insurance Co. Ltd.

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