Outlook On U.K. Insurer Pinnacle Insurance PLC Revised To Stable As Operating Performance Stabilizes; Ratings Affirmed Nov 11
Standard & Poors, November 2011
Abstract
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: Affirmed
Action: Outlook: Stable
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.
Pinnacle Insurance PLC
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