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Outlook On U.K. Insurer Pinnacle Insurance PLC Revised To Stable As Operating Performance Stabilizes; Ratings Affirmed Nov 11
Standard & Poors, November 2011
The operating performance of Pinnacle Insurance (Pinnacle) has stabilized in 2011 after three consecutive years of losses and is expected to further strengthen in the next two to three years. As a result, the negative pressures on the rating have abated and we are revising the outlook on Pinnacle to stable from negative and affirming the 'BBB+' ratings. We consider Pinnacle to be a "moderately strategic" subsidiary to BNP Paribas (AA-/Stable/A-1+). As such, we continue to assign one notch of uplift from its stand-alone credit profile for parent support. The stable outlook reflects our view that earnings at Pinnacle have stabilized after a period of adverse market conditions and a revamp of the company's strategy, and are likely to start...
Companies mentioned in this report are: Pinnacle Insurance PLC
Action: Outlook: Stable
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Research type: News
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Pinnacle Insurance PLC