A.M. Best Assigns Ratings to Novae Group Plc; Affirms Ratings of Novae Holdings Plc.OLDWICK, NEW JERSEY Oldwick is an unincorporated area within Tewksbury Township in Hunterdon County, New Jersey, United States. The area is served as United States Postal Service ZIP Code 08858. As of the United States 2000 Census, the population for ZIP Code Tabulation Area 08858 was 177. -- A.M. Best Co. has assigned an issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "bbb-" to Novae Group Plc (NG) (United Kingdom), the new ultimate non-operating holding company of Novae Syndicates Limited (NSL NSL National Security Letter NSL National Soccer League (Australia) NSL Nursing Student Loans (US government; HRSA) NSL National Sporting Library NSL Norwegian Sign Language ) and Novae Insurance Company Limited. (See today's related press release on NICL NICL National Ice Core Laboratory (USGS; Denver, CO, USA) .) At the same time, A.M. Best has upgraded the debt rating to "bbb-" from "bb+" on the GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 50 million convertible bonds (due in 2008) that have become obligations of NG. Additionally, A.M. Best has affirmed the ICR of "bb+" on Novae Holdings Plc (NH) (formerly known as SVB Holdings Plc) (United Kingdom), the debt ratings of "bb+" on the USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 15 million and USD 10 million floating notes and "bb" on the USD 11 million subordinated floating notes, all due in 2034 and issued by NH. The ratings on the syndicates managed by NSL remain unchanged. The outlook for all these ratings is stable. The rating of NG reflects its established source of earnings from the group's existing Lloyd's syndicates, in addition to anticipated earnings from NICL, the group's newly established FSA-regulated company. New capital raised to support NICL will be segregated from existing capital supporting the group's Lloyd's business. The upgrade in the GBP 50 million convertible bonds reflects the transfer of this obligation from NH to NG. For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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