A.M. Best Downgrades and Withdraws Rating of Carraig Insurance Limited.OLDWICK, N.J. -- A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) of Carraig Insurance Limited (Carraig) (Ireland). The rating has been removed from under review with negative implications and a stable outlook has been assigned. Subsequently, A.M. Best has withdrawn the rating in response to the company's request made prior to the current downgrade Downgrade A negative change in the rating of a security.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. and has assigned it an NR-4 (Company Request). The rating downgrade reflects a deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in Carraig's risk-adjusted capitalisation n. 1. same as capitalization. Noun 1. capitalisation - writing in capital letters capitalization writing - letters or symbols that are written or imprinted on a surface to represent the sounds or words of a language; "he turned the paper from an excellent level in recent years to a very good position at year-end 2005. This deterioration is due to the company's significant dividend payment to its parent and the continuing high level of retained pharmaceutical liability risk in 2005. In A.M. Best's opinion, Carraig's underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. performance is likely to remain strong at year-end 2005. For 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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