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Ratings On Seven Japanese Insurers Placed On CreditWatch Negative Nov 11
Standard & Poors, Nov 2011
Abstract
We believe recent catastrophes, both within and outside Japan, will cause deterioration in the operating performance and capitalization of MS&AD Insurance Group and the NKSJ group, and these groups may not maintain financial profiles that are commensurate with the current ratings on their core insurers, as we previously expected. We have placed the ratings on seven companies within MS&AD Insurance Group and the NKSJ group on CreditWatch with negative implications. We will resolve the CreditWatch listings when we get a clearer picture of the impact of losses from the recent natural catastrophes, particularly the floods in Thailand, on the groups' operating performance and capitalization. We expect any downgrades following the CreditWatch placements to be within one notch. TOKYO (Standard &...
Companies mentioned in this report are: Mitsui Sumitomo Insurance Co. Ltd.,Sompo Japan Insurance Inc.,NIPPONKOA Insurance Co. Ltd.,NIPPONKOA Insurance Co. Ltd. (U.S. branch),Mitsui Sumitomo Insurance Co. Ltd. (New Zealand Branch),NIPPONKOA Insurance Co. (Europe) Ltd.,Mitsui Sumitomo Insurance Co. (Europe) Ltd.,NKSJ Himawari Life Insurance Inc.,Mitsui Sumitomo Reinsurance Ltd.,MS Frontier Reinsurance Ltd.,Mitsui Sumitomo Insurance (London) Ltd.,Mitsui Sumitomo Aioi Life Insurance Co. Ltd.,Mitsui Sumitomo Primary Life Insurance Co. Ltd.,MSIG Insurance (Singapore) Pte. Ltd.,Sompo Japan Insurance (Hong Kong) Co. Ltd.,Aioi Nissay Dowa Insurance Co. Ltd.,MSIG Insurance (Hong Kong) Ltd.,MSI Corporate Capital Ltd.,Aioi Nissay Dowa Insurance Co of Europe Ltd.
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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