Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable
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- Ezra Murphy
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1 Research Update: Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable Primary Credit Analyst: David S Veno, Hightstown (1) ; Secondary Contact: Laline S Carvalho, New York (1) ; Table Of Contents Overview Rating Action Rationale Outlook Related Criteria Ratings List DECEMBER 22,
2 Research Update: Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable Overview NIIC is core to Navigators Group Inc. We are assigning our 'A' ratings to NIIC. The stable outlook reflects our view that Navigators' operating results will remain profitable and its risk profile will not change materially. Rating Action On Dec. 22, 2016, S&P Global Ratings assigned its 'A' financial strength and long-term counterparty credit ratings to Navigators International Insurance Co. Ltd. (NIIC). The outlook is stable. Rationale The rating on NIIC is based on our view of NIIC as core to Navigators Group Inc. (Navigators). Although NIIC will be a new company within the group, Navigators has been writing business in the U.K. and European Economic Area (EEA) for over 20 years. NIIC will write business in lines in which it has an established track record and in markets where the Navigators name is known. The management and underwriting teams are made up largely of current Navigators professionals who have conducted business in the targeted regions. NIIC will provide Navigators the capacity to expand its business in EEA countries where Navigators did not previously have a registered corporate insurer. The European Union has been a focus of Navigators' international expansion for a number of years, with business written out of branches or insurance intermediaries in London (began in 1997), Antwerp (2005), Stockholm (2008), Copenhagen (2009), and Rotterdam/Milan/Paris (2014). Initially, NIIC will operate in the U.K. and EEA with possible expansion into other areas in the future. Management expects NIIC eventually to become the primary insurer for the group in the EEA by taking on some of the existing business of the U.K. branch and Lloyd's Syndicate Our ratings on Navigators reflect our view of the group's strong business risk profile and very strong financial risk profile, built on its strong competitive position and very strong capital and earnings. Under our criteria, these lead to a possible anchor of either 'a+' or 'a'; we assigned the latter based on the company's expanding risk position, expansion focus, and relatively narrow competitive position. DECEMBER 22,
3 Research Update: Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable Outlook The stable outlook reflects our view that Navigators will continue generating profitable operating results as it expands its underwriting and that its risk profile will not change materially. We expect capital adequacy to remain redundant at the very strong level. Downside scenario We may lower our ratings in the next 24 months if Navigators' operating performance deteriorates below peers' or if earnings volatility increases as a result of growth in business. We could reevaluate the core status of NIIC should the post-brexit relationship between the U.K. and European Union limit NIIC's ability to conduct business. Upside scenario We are unlikely to raise our ratings in the next two years. Any upgrade would depend on a sustainable material competitive advantage relative to peers. Related Criteria Group Rating Methodology, Nov. 19, 2013 Enterprise Risk Management, May 7, 2013 Insurers: Rating Methodology, May 7, 2013 Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010 Use Of CreditWatch And Outlooks, Sept. 14, 2009 Ratings List New Rating Navigators International Insurance Co. Ltd. Counterparty Credit Rating Local Currency A/Stable/-- Financial Strength Rating Local Currency A/Stable/-- Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed DECEMBER 22,
4 Research Update: Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at for further information. Complete ratings information is available to subscribers of RatingsDirect at and at All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column. DECEMBER 22,
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Research Update: French Auto Supplier Valeo Outlook Revised To Stable From Positive; Ratings Affirmed At Primary Credit Analyst: Margaux Pery, Paris +33 1 44 20 73 35; margaux.pery@spglobal.com Secondary
Notting Hill Housing Trust Affirmed at 'A+'; Outlook Remains Negative
Research Update: Notting Hill Housing Trust Affirmed at 'A+'; Outlook Remains Negative Primary Credit Analyst: Jean-Baptiste Legrand, London (44) 20-7176-3609; jb.legrand@spglobal.com Secondary Contact,
Asia Insurance Co. Ltd.
Primary Credit Analyst: Michael J Vine, Melbourne (61) 3-9631-213; Michael.Vine@spglobal.com Secondary Contact: Sandy Lau, Hong Kong (852) 2532-857; Sandy.Lau@spglobal.com Table Of Contents Rationale Outlook
City of Laval 'AA' Ratings Affirmed; Outlook Remains Positive
Research Update: City of Laval 'AA' Ratings Affirmed; Outlook Remains Positive Primary Credit Analyst: Nineta Zetea, Toronto (416) 507-2508; nineta.zetea@spglobal.com Secondary Contact: Stephen Ogilvie,
Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable
Research Update: Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable Primary Credit Analyst: Dirk Heise, Frankfurt (49) 69-33-999-163; dirk.heise@standardandpoors.com
Gabriel Petek, CFA Managing Director U.S. Public Finance Copyright 2016 by S&P Global. All rights reserved.
Municipal Finance Conference Gabriel Petek, CFA Managing Director U.S. Public Finance Copyright 2016 by S&P Global. All rights reserved. US Recession Scenario Sharp selloff in global equity markets S&P
Austrian State of Upper Austria 'AA+/A-1+' Ratings Affirmed; Outlook Negative
Research Update: Austrian State of Upper Austria 'AA+/A-1+' Ratings Affirmed; Outlook Negative Primary Credit Analyst, Sovereigns And International Public Finance: Thomas F Fischinger, Frankfurt (49) 69-33-999-243;
JSL S.A. Assigned 'BB' Rating; Outlook Is Negative
Research Update: JSL S.A. Assigned 'BB' Rating; Outlook Is Negative Primary Credit Analyst: Marcus Fernandes, Sao Paulo (55) 11-3039-9734; marcus.fernandes@spglobal.com Secondary Contact: Flavia M Bedran,
Research Update: Italy-Based Banca Carige SpA Ratings Lowered To 'BBB-/A-3' On Italy BICRA Change; Outlook Negative.
February 10, 2012 Research Update: Italy-Based Banca Carige SpA Ratings Lowered To 'BBB-/A-3' On Italy BICRA Change; Outlook Negative Table Of Contents Overview Rating Action Rationale Outlook Ratings
Tri-County Metropolitan Transportation District, Oregon; Miscellaneous Tax
Summary: Tri-County Metropolitan Transportation District, Oregon; Miscellaneous Tax Primary Credit Analyst: Jennifer Hansen, San Francisco (1) 415-371-5035; jen.hansen@spglobal.com Secondary Contact: Kaila
Austria-Based KA Finanz Downgraded To 'A-/A-2' On Revised Expectation Of State Support; Outlook Stable
Research Update: Austria-Based KA Finanz Downgraded To 'A-/A-2' On Revised Expectation Of State Support; Outlook Stable Primary Credit Analyst: Anna Lozmann, Frankfurt +49 (0) 69 33 999 16; anna.lozmann@standardandpoors.com
Germany-Based Chemical Producer LANXESS AG Outlook Revised To Stable On Stronger Credit Metrics; Affirmed At 'BBB-/A-3'
Research Update: Germany-Based Chemical Producer LANXESS AG Outlook Revised To Stable On Stronger Credit Metrics; Affirmed At 'BBB-/A-3' Primary Credit Analyst: Oliver Kroemker, Frankfurt (49) 69-33-999-160;
Swedish Municipality Of Norrkoping 'AA+/A-1+' Ratings Affirmed; Outlook Stable
Research Update: Swedish Municipality Of Norrkoping 'AA+/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Carina Johansson, Stockholm (46) 8-440-5918; carina.johansson@spglobal.com Secondary
Austrian Export Credit Agency Oesterreichische Kontrollbank 'AA+/A-1+' Ratings Affirmed; Outlook Stable
Research Update: Austrian Export Credit Agency Oesterreichische Kontrollbank 'AA+/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Alois Strasser, Frankfurt (49) 69-33-999-240; alois.strasser@spglobal.com
Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Affirmed At 'BBB+/A-2'; Outlook Stable
Research Update: Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Affirmed At 'BBB+/A-2'; Outlook Stable Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925;
(/en_us/web/guest/home) MidMichigan Health, MI Bond Rating Outlook Revised To Positive On Operational Performance, Solid Balance Sheet Metrics
(/en_us/web/guest/home) MidMichigan Health, MI Bond Rating Outlook Revised To Positive On Operational Performance, Solid Balance Sheet Metrics 15-Nov-2017 17:30 EST View Analyst Contact Information NEW
Spanish Solar Project Vela Energy Bonds Assigned 'BBB' Rating; Outlook Stable
Research Update: Spanish Solar Project Vela Energy Bonds Assigned 'BBB' Rating; Outlook Stable Primary Credit Analyst: Emanuele Tamburrano, London (44) 20-7176-3825; emanuele.tamburrano@spglobal.com Secondary
International Business Machines Corp.
Summary: International Business Machines Corp. Primary Credit Analyst: John D Moore, CFA, New York (1) 212-438-2140; john.moore@spglobal.com Secondary Contact: David T Tsui, CFA, CPA, New York (1) 212-438-2138;
Research Update: Grupo Catalana Occidente Core Entities Outlook Revised To Negative On Plan To Acquire Seguros Groupama; Ratings Affirmed
June 22, 2012 Research Update: Grupo Catalana Occidente Core Entities Outlook Revised To Negative On Plan To Acquire Seguros Groupama; Ratings Affirmed Primary Credit Analyst: Peter Mcclean, London (44)
Italian Multi-Utility Hera Outlook Revised To Positive On Stronger Credit Metrics; 'BBB/A-2' Ratings Affirmed
Research Update: Italian Multi-Utility Hera Outlook Revised To Positive On Stronger Credit Metrics; 'BBB/A-2' Ratings Affirmed Primary Credit Analyst: Marta Bevilacqua, Milan (39) 02-72-111-298; marta.bevilacqua@spglobal.com
Metropolitan Water Reclamation District of Greater Chicago; General Obligation
Summary: Metropolitan Water Reclamation District of Greater Chicago; General Obligation Primary Credit Analyst: Jennifer Boyd, Chicago (1) 312-233-7040; jennifer.boyd@spglobal.com Secondary Contact: John
JSL S.A. 'BB' And 'bra+' Ratings Affirmed; Outlook Remains Negative
Research Update: JSL S.A. 'BB' And 'bra+' Ratings Affirmed; Outlook Remains Negative Primary Credit Analyst: Marcus Fernandes, Sao Paulo (55) 11-3039-9734; marcus.fernandes@spglobal.com Secondary Contact:
Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Rated 'BBB+/A-2/K-1'; Outlook Stable
Research Update: Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Rated Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com
White Plains Capital Company, LLC (As Of April 2014)
ABCP Portfolio Data: White Plains Capital Company, LLC (As Of April 2014) Primary Credit Analyst: Radhika Kalra, New York (1) 212-438-2143; radhika.kalra@standardandpoors.com Surveillance Credit Analyst:
Ratings On Portugal-Based Paper And Pulp Producer The Navigator Company Affirmed At 'BB/B'; Outlook Stable
Research Update: Ratings On Portugal-Based Paper And Pulp Producer The Navigator Company Affirmed At 'BB/B'; Outlook Stable Primary Credit Analyst: Gustav Liedgren, Stockholm (46) 8-440-5916; gustav.liedgren@spglobal.com
Various Rating Actions Taken On Three Mexican Corporations Following The Sovereign Outlook Revision
Research Update: Various Rating Actions Taken On Three Mexican Corporations Following The Sovereign Outlook Revision Credit Analysts: Fabiola Ortiz, Mexico City (52) 55-5081-4449; fabiola.ortiz@spglobal.com
Asia-Pacific Credit Outlook 2017: Banks and Corporates
Asia-Pacific Credit Outlook 2017: Banks and Corporates Gavin Gunning Senior Director, Financial Institutions, Asia-Pacific Qiang Liao Senior Director, Financial Institutions, Greater China Michael Seewald,
CITY AND COUNTY OF SAN FRANCISCO VOLUNTARY DISCLOSURE FILING RATING CHANGE OF BOND INSURER. June 30, 2017
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MS Amlin Group - Syndicate 2001
Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary Contact: David Laxton, London (44) 20-7176-7079; david.laxton@spglobal.com Table Of Contents Lloyd's
UBS Group AG And UBS AG Upgraded On Stable Business Model And Revenues; Outlooks Stable
Research Update: UBS Group AG And UBS AG Upgraded On Business Model And Revenues; Outlooks Primary Credit Analyst: Sean Cotten, Stockholm (46) 8-440-5928; sean.cotten@spglobal.com Secondary Contacts: Giles
International Bank for Reconstruction and Development 'AAA/A-1+' Ratings Affirmed; Outlook Remains Stable
Research Update: International Bank for Reconstruction and Development 'AAA/A-1+' Ratings Affirmed; Outlook Primary Credit Analyst: Lisa M Schineller, PhD, New York (1) 212-438-7352; lisa.schineller@spglobal.com
Asian Infrastructure Investment Bank Assigned 'AAA/A-1+' Rating; Outlook Stable
Research Update: Asian Infrastructure Investment Bank Assigned 'AAA/A-1+' Rating; Outlook Stable Primary Credit Analyst: Alexander Ekbom, Stockholm (46) 8-440-5911; alexander.ekbom@spglobal.com Secondary
Qualitas Compania de Seguros And Two Affiliates Ratings Raised; Outlook Stable
Research Update: Qualitas Compania de Seguros And Two Affiliates Ratings Raised; Outlook Stable Primary Credit Analyst: Nicolas D Lara, Mexico City 541148912161; nicolas.lara@spglobal.com Secondary Contact: