A.M. Best Downgrades Ratings of Central Insurance Companies and Its Members
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has downgraded the financial strength rating to A (Excellent) from A+ (Superior) and issuer credit ratings to “a+” from “aa-” of Central Insurance Companies (Central) and its members, Central Mutual Insurance Company, All America Insurance Company (both domiciled in Van Wert, OH) and CMI Lloyds (Irving, TX). The outlook for all ratings has been revised to stable from negative. The rating actions are a result of the deterioration in Central’s operatin
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A.M. Best Downgrades Ratings of Central Insurance Companies and Its Members
Fitch Affirms 5 Classes of Crest Clarendon Street 2002-1 Ltd./Corp
NEW YORK–(BUSINESS WIRE)–Fitch Ratings has affirmed five classes issued by Crest Clarendon Street 2002-1 Ltd./Corp (Crest Clarendon Street 2002-1) as a result of increased credit enhancement to the notes due to significant principal repayment on the underlying collateral. A complete list of rating actions follows at the end of this press release. Since Fitch’s last rating action in June 2010, the weighted average rating factor has slightly declined to ‘BBB-/BB+’ from ‘BBB/BBB-’. Currently, 10.
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Fitch Affirms 5 Classes of Crest Clarendon Street 2002-1 Ltd./Corp
Fitch Upgrades 1 and Affirms 1 Class of Crest 2000-1 Ltd.
NEW YORK–(BUSINESS WIRE)–Fitch Ratings has upgraded one and affirmed one class issued by Crest 2000-1 Ltd./Corp (Crest 2000-1) as a result of increased credit enhancement to the notes due to significant principal repayment on the underlying collateral. A complete list of rating actions follows at the end of this press release. Since Fitch’s last rating action in June 2010, the weighted average rating factor has improved to ‘A/A-’ from ‘BBB/BBB-’. Currently, 98.4% of the portfolio is rated inve
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Fitch Upgrades 1 and Affirms 1 Class of Crest 2000-1 Ltd.
Fitch Affirms Midpeninsula Regional Open Space Dist Financing Auth, CA Revs at ‘AA’; Outlook Stable
SAN FRANCISCO–(BUSINESS WIRE)–Fitch Ratings has affirmed the ‘AA’ rating to the following Midpeninsula Regional Open Space District Financing Authority, CA (the district) bonds: –$20.4 million 2011 lease revenue bonds. The bonds will be sold on May 5, 2011. Proceeds will be used to raise $20 million in new money for property acquisition. The rating was initially assigned in December 2010, but the issuance was delayed and reduced in size as it no longer includes a refunding component. Please s
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Fitch Affirms Midpeninsula Regional Open Space Dist Financing Auth, CA Revs at ‘AA’; Outlook Stable
Fitch Affirms Alligator Alley Toll Road, FL’s Rfdg Bonds at ‘A+’; Outlook Stable
NEW YORK–(BUSINESS WIRE)–Fitch Ratings affirms the ‘A+’ rating on the $38.92 million State of Florida Department of Transportation Alligator Alley revenue refunding bonds, series 2007A. The Rating Outlook is Stable. RATIONALE: The ‘A+’ rating is based on the natural monopoly of the facility (Alligator Alley) as the most efficient means of east-west surface transportation in the southern Florida area between the major metropolitan centers of Miami and Naples respectively. The rating also incorp
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Fitch Affirms Alligator Alley Toll Road, FL’s Rfdg Bonds at ‘A+’; Outlook Stable
Rivers still overflowing banks in upstate NY
Rivers in northern New York continued to overflow their banks this weekend in the aftermath of days of heavy rain .
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Rivers still overflowing banks in upstate NY
Fitch Affirms Manchester, NH’s Airport Revenue Bonds at ‘A-’; Outlook Stable
NEW YORK–(BUSINESS WIRE)–Fitch Ratings affirms the City of Manchester, New Hampshire’s outstanding $201.4 million of fixed-rate revenue bonds for Manchester Airport at ‘A-’. The Rating Outlook is Stable. RATING RATIONALE: The ‘A-’ rating reflects: –The airport’s position as the sole airport in New Hampshire with commercial landing capabilities, serving a stable and wealthy service area (City of Manchester, NH is rated ‘AA+’ by Fitch). Still, meaningful competitive pressures exist, particularl
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Fitch Affirms Manchester, NH’s Airport Revenue Bonds at ‘A-’; Outlook Stable
A.M. Best Revises Outlook to Stable for Mid-Continent Insurance Company and Affirms Ratings of Conifer Insurance Company
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has revised the outlook to stable from negative and affirmed the financial strength rating (FSR) of B+ (Good) and issuer credit rating (ICR) of “bbb-” of Mid-Continent Insurance Company (Mid-Continent) (Somerset, PA). A.M. Best also has affirmed the FSR of B++ (Good) and ICR of “bbb+” of Conifer Insurance Company (Conifer) (Southfield, MI), an affiliate of Mid-Continent. The outlook for these ratings is stable. Both companies are wholly owned subsidi
Fitch Affirms RPTA, Arizona Excise Tax Revs at ‘AA+’; Outlook Stable
NEW YORK–(BUSINESS WIRE)–In the course of routine surveillance, Fitch Ratings has affirmed the following transportation excise tax revenue bonds of the Regional Public Transportation Authority, Arizona (the authority or RPTA): –$73.8 million tax-exempt series 2009A at ‘AA+’;–$26.3 million (federally taxable – Build America Bonds – direct payment), taxable series 2009B at ‘AA+’. The Rating Outlook is Stable. RATING RATIONALE:–The ‘AA+’ rating reflects the robust coverage of maximum annual de
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Fitch Affirms RPTA, Arizona Excise Tax Revs at ‘AA+’; Outlook Stable
A.M. Best Downgrades Ratings of Universal Casualty Company; Places Several Ratings of Kingsway Affiliates Under Review
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has downgraded the financial strength rating (FSR) to D (Poor) from B- (Fair) and issuer credit rating (ICR) to “c” from “bb-” of Universal Casualty Company (UCC). The outlook for both ratings is negative. Concurrently, A.M. Best has placed under review with negative implications the ICRs of “ccc” and senior debt ratings of “ccc” of Kingsway Financial Services Inc (KFSI) and Kingsway America Inc. (KAI). A.M. Best also has placed under review with neg
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A.M. Best Downgrades Ratings of Universal Casualty Company; Places Several Ratings of Kingsway Affiliates Under Review
