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S&P Lowers SAIF Corp. Ratings to 'BBBpi' from 'BBpi'.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 14, 2003

Standard & Poor's Rating Services said today that it lowered its counterparty credit and financial strength ratings on SAIF Corp. (SAIF) to 'BBpi' from 'BBBpi'.

"This rating action was based on SAIF's decline in surplus, weak liquidity, high leverage, and geographic and product concentrations," said Standard & Poor's credit analyst Allison MacCullough.

SAIF is licensed only in Oregon. The company is a not-for-profit, publicly owned workers' compensation company. SAIF was created by an act of the Oregon legislature to make inexpensive workers' compensation available to Oregon employers.

Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at All ratings affected by this rating action can be found on Standard & Poor's public Web site at; under Fixed Income in the left navigation bar, select Credit Ratings Actions.

Copyright 2003, Standard & Poor's Ratings Services
COPYRIGHT 2003 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1U9OR
Date:Mar 14, 2003
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