A.M. Best Downgrades Issuer Credit Rating of Wellington Underwriting plc; Assigns Debt Ratings.OLDWICK, N.J. -- A.M. Best Co. has downgraded the 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. ) to "bbb" from "a-" of Wellington Underwriting plc (WU) (United Kingdom), the non-operating holding company of the Wellington group. At the same time, A.M. Best has assigned debt ratings of "bbb-" to 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. 27,000,000 floating rate subordinated notes due 2036 and the EUR EUR In currencies, this is the abbreviation for the Euro. 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. 7,000,000 (USD 9,000,000) floating rate subordinated notes due 2035, both issued by WU in May 2006. The outlook for all ratings is stable. The downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of WU's ratings reflects reduced diversification in its earnings following the disposal of 67% of its total shareholding in Aspen Insurance Holdings Ltd. In addition, the rating reflects the newly assigned Best's Syndicate Rating of A (Excellent) and ICR of "a" to Lloyd's Syndicate 2020, which is WU's principal source of income. (Please see related A.M. Best press release dated July 6, 2006.) For Best's Debt Ratings, all other Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , 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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