S&P Removes BG Insurance's 'A' Ratings From WatchNeg.Business Editors LONDON--(BUSINESS WIRE)--Standard & Poor's Oct. 25, 2000-- Standard & Poor's today removed its ratings on U.K. captive insurer BG Insurance Co. Ltd. (BGICL BGICL Barclays Global Investors Canada Limited (Toronto) , now known as Lattice Insurance Co. Ltd.) from CreditWatch, where they were placed with negative implications on March 27, 2000. At the same time, Standard & Poor's affirmed its single 'A' counterparty credit and insurer financial strength ratings on the company. The outlook is stable. The rating actions follows the completion of the demerger demerger n (Comm) → Abspaltung f, Demerger m of BG Transco Holdings PLC (now known as Transco Holdings plc, A/Stable/--) from BG Group PLC (BG), after which BGICL will only serve the insurance needs of its new parent, Transco Holdings, and Transco Holdings subsidiaries. BGICL was brought under the control of Transco Holdings on July 16, 2000, with parenthood transferred from BG Energy Holdings Ltd. (BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +/Stable/A-2), a subsidiary of BG. Standard & Poor's had placed its ratings on BGICL on CreditWatch due to uncertainties as to which entity would own the captive, and whether it would continue to provide insurance services to both parties. Following the change of name of its parent to Transco Holdings PLC, BGICL announced its own change of name, effective from Oct. 16, 2000, to Lattice Insurance Co. Ltd. (LICL LICL Life Insurance Corporation Lanka Ltd. ); Standard & Poor's will apply its ratings to the newly named entity. The ratings on LICL are closely related to that of its parent Transco Holdings for whom it is a captive insurer. LICL demonstrates excellent capitalization and profitability, as well as conservative 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. and investment strategies. Transco Holdings operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. are the developers and operators of the majority of the gas transmission and distribution systems in the U.K., transmitting gas to nearly all industrial, commercial, and residential users in the country. Other subsidiaries are: Advantica Technologies Ltd.; Lattice Property; Lattice Energy The lattice energy of an ionic solid is a measure of the strength of bonds in that ionic compound. It is given the symbol U and is equivalent to the amount of energy required to separate a solid ionic compound into gaseous ions. Services; The Leasing Group; and two new telecoms ventures, Standard & Poor's said. -- CreditWire |
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