Standard & Poor’s announced that it has placed Mitsui Sumitomo Insurance Co. (Europe) Ltd. (MSI Europe), formerly known as Mitsui Marine & Fire Ins. Co. (Europe) Ltd.’s double-‘A’ counterparty credit and financial strength ratings on CreditWatch with negative implications.
S&P explained that its action was due to “a pending revision of the explicit support MSI Europe receives from its parent, Mitsui Sumitomo Insurance Co. Ltd. (AA/Negative/A-1+).”
It indicated that “The revision of the explicit support from Mitsui Sumitomo Insurance was undertaken as part of MSI Europe’s integration with Sumitomo Marine & Fire Insurance Co. (Europe) Ltd. (BBBpi). Sumitomo Marine & Fire Insurance Co. (Europe) became a 100% subsidiary of MSI Europe effective on Jan. 1, 2002. The CreditWatch placement will be resolved pending confirmation that the new support from the parent meets Standard & Poor’s relevant criteria.”|”snp, places, msi, europe, on, creditwatch-negative
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