S&P: Tugu Insurance Raised to 'Bpi' from 'CCCpi'.Business Editors HONG KONG--(BUSINESS WIRE)--May 14, 2003 Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. said today that it had raised its public information insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. financial strength rating on Hong Kong-based Tugu Insurance Co. Ltd. (Tugu Insurance) to 'Bpi' from 'CCCpi' following the recent upward revision of the local currency sovereign ratings on the Republic of Indonesia (B/Stable/B). The rating action on Tugu Insurance reflects the company's ultimate ownership by Perusahaan Pertambangan Minyak Dan Gas Bumi Negara (Pertamina), an oil and gas mining company owned by the Indonesian government. Pertamina directly holds 47.5% of Tugu Insurance and indirectly holds a 52.5% stake through its subsidiaries Tugu Pratama (27.5%) and Tugu Pratama Interindo (25%). Standard & Poor's, however, recognizes that there is some uncertainty about the status of Pertamina's stake in Tugu Insurance after a Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. court in 2002 issued a garnishment order Ask a Lawyer Question Country: United States of America State: New York I made payment arrangements with a creditor in April 2005 and I have paid them via Money Order every month. permitting Karaha Bodas Co. (Karaha Bodas), a U.S. owned company with operations in Indonesia, to seize seize v. To exhibit symptoms of seizure activity, usually with convulsions. shares in Tugu Insurance from Pertamina. Pertamina appears to be contesting the court order. In the event that Karaha Bodas secures control of Tugu Insurance, Standard & Poor's will re-assess the impact of the ownership change on Tugu Insurance's strategic direction, business profile, and financial flexibility, and, in turn, the rating on the company. Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar A set of buttons or graphic images typically in a row or column used as a central point that link you to major topic sections on a Web site. If the navigation bar is a single graphic image with multiple selections, it is known as an imagemap. See imagemap. , select Credit Ratings Actions. Copyright 2003, Standard & Poor's Ratings Services |
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