As Argentina’s debt crisis continues to deepen, international credit rating agency Standard & Poor’s issued a statement indicating that “U.S. insurers have negligible exposure to further defaults by the Republic of Argentina on its debt obligations.”
S&P’s report determined that “no single insurer has more than 3% of its total bond portfolio invested in debt issued by the republic. Aggregate exposure of U.S. insurers is $709 million, spread across 43 life companies.
In fact S&P stated that only the life insurance sector currently carries any Argentine debt. It downgraded its ratings of the republic’s long-term local and foreign currency to ‘SD’ (selective default) from double-‘C’ on November 6.
Was this article valuable?
Here are more articles you may enjoy.
Lloyd’s of London Says Former CEO Neal Breached Compliance Rules 
Iran Renews Attacks on Gulf States After Another Night of US Strikes 
FDA Walks Back Positive Lab Test in Lettuce Cyclospora Outbreak 
Two Years in, Ortiz Steps Down as CEO of Florida Re 
