S & P lowers Watch insists on insurance for farmers Exchange Ratings
Standard & Poor’s today lowered its counterparty credit and financial rating for Farmers Insurance Exchange group (farmers, see list) Single-’A ‘double-’A’ and less. The view is stable.
At the same time, Standard & Poor’s lowered its subordinated bonds held on notations Farmers’ surplus notes that Triple-’B ’simplest moins’A’. All votes were Credit Watch, where they were August 16, 2001, with negative consequences.
The rating action reflects the continued weakening of the operating performance in a difficult competitive personal lines, but also reduces the level of capitalization and limited financial flexibility. Partly offsetting these weaknesses are Farmers’ strong business position and their strategic importance to Zurich Financial Services (Zurich) has shown that its investment in low-form excess tickets and reinsurance great support.
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