Printer Friendly

ALEXANDER & ALEXANDER CP STILL ON FITCHALERT AFTER ANNOUNCEMENT -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 16 /PRNewswire/ -- Alexander & Alexander Services Inc.'s F-2' commercial paper rating remains on FitchAlert with negative implications following the company's announcement of a $157.5 million special charge relating to discontinued and sold underwriting businesses. The company has no commercial paper outstanding.
 The amount of the charge is significant, resulting in a net loss for the 1992 fiscal year of $90 million. The rating remains on alert pending discussions with management regarding their plans in light of this recent reserving action, as well as finalization of 1992 year-end numbers.
 The charge will not immediately affect cash. However, cash will be impacted over the long term as losses are paid. The company's liquidity position continues to be adequate, and the existence of $200 million of committed bank lines provides additional financial flexibility.
 -0- 2/16/93
 /CONTACT: Lygia X. Campbell of Fitch, 212-908-0695/
 (AAL)


CO: Alexander & Alexander Services Inc. ST: IN: INS SU: RTG

TM -- NY117 -- 6922 02/16/93 15:57 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 16, 1993
Words:165
Previous Article:MERRILL LYNCH $200 MILLION NOTES RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:FIRST CITY BANCORPORATION OF TEXAS, INC. PROTESTS FDIC SEIZURE OF BANKS


Related Articles
ALEXANDER & ALEXANDER 'F-1' CP AFFIRMED BY FITCH AFTER CHARGE -- FITCH FINANCIAL WIRE --
PMI-INSURED 'AAA' MORTGAGE ISSUES PLACED ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
PMI-INSURED "SUPER-SENIOR" MORTGAGE DEBT AFFIRMED, OFF FITCHALERT -- FITCH FINANCIAL WIRE --
CALIFORNIA FEDERAL BANK MORTGAGE PASS-THROUGH SERIES 1992 MW-2 CLASS A RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
ALEXANDER & ALEXANDER 'F-1' COMMERCIAL PAPER RATING ON FITCHALERT - NEGATIVE -- FITCH FINANCIAL WIRE --
ALEXANDER & ALEXANDER COMMERCIAL PAPER LOWERED TO 'F-2', STILL ON FITCHALERT -- FITCH FINANCIAL WIRE --
ALEXANDER & ALEXANDER CP 'F-2' AFFIRMED, REMOVED FROM FITCHALERT -- FITCH FINANCIAL WIRE --
PMI INSURED 'AAA' MORTGAGE ISSUES REMOVED FROM FITCHALERT -- FITCH FINANCIAL WIRE --
ALEXANDER & ALEXANDER 'F-2' CP RATING ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
ALEXANDER & ALEXANDER 'F-2' COMMERCIAL PAPER RATING WITHDRAWN BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters