Affrms Rtgs on Phoenix Amer Life Re Purchse Agmt.NEW YORK--(BUSINESS WIRE)--Dec. 13, 1999-- Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index today affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. its double-'A' counterparty Counterparty The other participant, including intermediaries, in a swap or contract. credit and financial strength ratings on Phoenix American Life Insurance Co. (Phoenix American). The affirmation follows the announcement that GE Financial Assurance Holdings, Inc. (GEFA GEFA Genuine Fashion Accessories (Philippines) GEFA General Electric Capital Financial Assurance Holdings, Inc. ), the consumer insurance and investment arm of General Electric Co., has signed a definitive agreement to purchase Phoenix American from its parent, Phoenix Home Life Mutual Insurance Co. The acquisition by GEFA is considered to be complementary to its long-term strategy and therefore is viewed by Standard & Poor's as strategically important to GEFA. Phoenix American, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Phoenix Home Life, offers a wide variety of group life and health products, including long-term disability insurance, distributed primarily through brokers. The current rating reflects the strategic importance of the company to the Phoenix organization, as well as a good business position, strong capital, very strong liquidity, and good earnings performance, Standard & Poor's said. -- CreditWire |
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