Ratings for the California State Compensation Insurance Fund were placed on CreditWatch with negative implications by Standard & Poor’s on April 17.
The action was taken on SCIF’s “A” counterparty credit and financial trength ratings based on concerns over the gradual deteriration of the fund’s capital adequancy, a direct result of three consecutive years of net operating losses and rapid growth in written premiums in 2000.
S&P will be meeting with the fund’s management in the near future to discuss these concerns.
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