The senior debt and financial strength ratings of Superior National Insurance Group Inc. was further downgraded by Moody’s Investment Services from “Caa1” (Very Poor) to “Ca” (Extremely Poor). The “C” ratings of trust preferred securities remained unchanged and the guaranteed senior secured term loan facility went from “Ca” to “C,” Moody’s lowest ratings class.
Companies affected by the downgrade of the senior bank facility are: Superior National Insurance Co.; Superior Pacific Casualty Co.; California Compensation Insurance Co.; Commercial Compensation Insurance Co.; and Combined Benefits Insurance Co.
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