Standard & Poor’s Ratings Services said that it lowered its counterparty credit and financial strength ratings on Republic Western Insurance Co. and Oxford Life Insurance Co. to single-’Bpi’ from triple-’Bpi’. At the same time, Standard & Poor’s lowered its counterparty credit and financial strength ratings on Christian Fidelity Life Insurance Co. and North American Insurance Co. to single-’Bpi’ from double-’Bpi’.
Standard & Poor’s also said that it subsequently withdrew these ratings because of the ongoing uncertainty of the financial situation of AMERCO, the parent company of these insurance entities.
These rating actions follow AMERCO’s recent announcement that it has temporarily suspended payments on its $100 million Series 1997—C bond-backed asset trust certificates. As a result, Standard & Poor’s lowered its corporate credit rating on AMERCO to ‘SD’ on Oct. 16, 2002.
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