African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable
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1 Research Update: African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable Primary Credit Analyst: Matthew D Pirnie, Johannesburg (27) ; matthew.pirnie@standardandpoors.com Secondary Contact: Neil Gosrani, London (44) ; neil.gosrani@standardandpoors.com Table Of Contents Overview Rating Action Rationale Outlook Rating Score Snapshot Related Criteria And Research Ratings List JULY 12,
2 Research Update: African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable Overview Following a review of Nigeria-based African Reinsurance Corp. under our revised insurance criteria, we are affirming our 'A-' ratings on the company. The ratings predominantly reflect our view of the company's satisfactory business risk profile and strong financial risk profile, built on its highly diverse premium and strong franchise within the African reinsurance market, as well as its very strong capital and earnings. The stable outlook reflects our opinion that Africa Re will maintain capital adequacy at the 'AAA' confidence level, as defined by our capital model, over the next 24 months. It also reflects our expectation that the company will not significantly alter its geographic footprint or investment profile. Rating Action On July 12, 2013, Standard & Poor's Ratings Services affirmed its 'A-' insurer financial strength and counterparty credit ratings on Nigeria-based African Reinsurance Corp. (Africa Re). The outlook is stable. Rationale The ratings reflect our view of Africa Re's satisfactory business risk profile and strong financial risk profile, built on a strong competitive position in Africa's reinsurance market, as well as its very strong capital and earnings. We derive our 'a-' anchor for Africa Re from the combination of these two factors. We view potential modifying factors--adequate enterprise risk management (ERM), satisfactory management and governance, and exceptional liquidity--as neutral for the ratings. The ratings on Africa Re reflect the company's stand-alone credit strengths and do not include any uplift for support from the Nigerian sovereign. At the same time, they are not constrained by the sovereign rating due to Africa Re's significant asset and premium diversification. Overall, we consider that Africa Re faces moderate industry and country risk, owing to its mandate and focus on Africa. Our assessment balances the relatively high contribution to group premium from its wholly owned subsidiary, African Reinsurance Corporation South Africa (ARCSA), which contributed approximately 31% of gross written premium (GWP) on Dec , with the company's exposure to a number of higher-risk operating areas. JULY 12,
3 Research Update: African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable In our view, Africa Re has a strong competitive position in Africa, including a 10% market share across the continent. In addition, the company benefits from its locally admitted status across the continent, which in our view differentiates it from its peers. Furthermore, the company is well diversified within Africa, which should benefit its long-term stability and growth. Concentrations in South Africa (approximately 30% of GWP) and Nigeria (15% of GWP) exist, although in our view this is understandable given the relative economic weightings of these countries in Africa. We view Africa Re's capital and earnings as very strong. We expect the company's capital levels to remain at the 'AAA' confidence level over the next two-to-three years. This opinion balances fairly robust premium growth with equally strong returns. As a result, we believe that any weakening of capital adequacy is likely to be fairly slow. Nevertheless, Africa Re's capital base remains relatively modest compared with international reinsurance peers, which constrains our overall assessment. In our base case, we expect a combined (loss and expense) ratio of below 97% and a return on revenue of between 11% and 12%. In our view, Africa Re's risk position reflects moderate risks. This is based on its concentration in financial institutions and relatively high foreign exchange risk owing to its operations throughout Africa, which has caused some volatility in bottom-line profitability over the past few years. Conversely, the company invests more than 80% of its portfolio in investment-grade securities outside Africa; as a result, there is relatively low equity exposure. We view Africa Re's financial flexibility as strong, reflecting our view that the company is likely to receive long-term capital support from the sovereign and its existing institutional shareholders. Africa Re has no debt outstanding; therefore, despite its limited track record of accessing the capital markets, it has significant capacity to increase leverage if needed. Africa Re's ERM and management and governance practices are neutral factors for the rating. Our assessment of ERM as adequate reflects our opinion that the company has appropriate risk-management controls, tools, and culture in place to manage the risks it undertakes. The importance of ERM to the rating is low, mainly because of the company's limited exposure to natural catastrophes and as we note that it has excess capital relative to risks. Management and governance is satisfactory, in our opinion, benefitting from a stable management team, and positive operational effectiveness. Governance levels compare well with the highest rated African institutions. Africa Re's liquidity is exceptional, in our view, owing to its $1 billion asset portfolio of liquid securities and cash, which covers total liabilities including technical provisions 1.4x. The ratings on Africa Re reflect the company's stand-alone credit strengths and do not include any uplift for support from the Nigerian sovereign or its multilateral shareholders. This reflects the fragmented ownership and JULY 12,
4 Research Update: African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable relatively weaker ratings of the--predominantly Africa-based--sovereign shareholders and the institution's largely commercial focus. Although the company is domiciled in Nigeria, the rating is not constrained by the sovereign rating due to its limited balance sheet exposure to the country. At Dec. 31, 2012, 15% of the company's total premium and less than 5% of assets (excluding fixed assets) were located in Nigeria. Outlook The stable outlook reflects our opinion that Africa Re will maintain capital adequacy at the 'AAA' confidence level, as defined by our capital model, over the next 24 months. It also reflects our expectation that the company will not significantly alter its geographic footprint or investment profile. We are unlikely to lower the ratings, although rapid premium growth into less mature insurance markets, resulting in a higher proportion of total premium coming from higher risk areas, could constrain the ratings. However, we expect the proportion of business emanating from South Africa to remain at current levels for the next two years. The ratings could also come under pressure if a higher proportion of the investment portfolio was moved onshore--into equities or lower-rated securities--or if capital fell below the 'AAA' confidence level. Rating Score Snapshot Financial Strength Rating A-/Stable Anchor a- Business Risk Profile Satisfactory IICRA Moderate Risk Competitive Position Strong Financial Risk Profile Strong Capital and Earnings Very Strong Risk Position Moderate Risk Financial Flexibility Strong Modifiers 0 ERM and Management 0 Enterprise Risk Management Adequate Management and Governance Satisfactory Holistic Analysis 0 Liquidity Exceptional Support 0 Group Support 0 JULY 12,
5 Research Update: African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable Government Support 0 IICRA Insurance Industry And Country Risk Assessment. Related Criteria And Research Related criteria Insurers: Rating Methodology, May 7, 2013 Group Rating Methodology, May 7, 2013 Enterprise Risk Management, May 7, 2013 Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Principles Of Credit Ratings, Feb. 16, 2011 Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010 Criteria Update: Factoring Country Risk Into Insurer Financial Strength Ratings, Feb. 11, 2003 Related research List Of Issuers With Ratings Under Criteria Observation Due To S&P's New Insurers Rating Methodology, May 7, 2013 Standard & Poor's Assigns Insurance Industry And Country Risk Assessments, May 7, 2013 Ratings List Ratings Affirmed African Reinsurance Corp. Counterparty Credit Rating Local Currency Financial Strength Rating Local Currency A-/Stable/-- A-/Stable/-- Additional Contact: Insurance Ratings Europe; InsuranceInteractive_Europe@standardandpoors.com Complete ratings information is available to subscribers of RatingsDirect at and at spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) JULY 12,
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Research Update: Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed Primary Credit Analyst: Anthony J Beato, New York (1) 212-438-6066; anthony.beato@spglobal.com Secondary Contacts:
More informationTurkish Appliance Manufacturer Vestel Outlook Revised To Negative; Rating Affirmed At 'B-'
Research Update: Turkish Appliance Manufacturer Vestel Outlook Revised To Negative; Rating Affirmed At 'B-' Primary Credit Analyst: Sandra Wessman, Stockholm (46) 8-440-5910; sandra.wessman@spglobal.com
More informationInteractive Brokers LLC
Summary: Interactive Brokers LLC Primary Credit Analyst: Clayton D Montgomery, New York (1) 212-438-5079; clayton.montgomery@spglobal.com Secondary Contact: Robert B Hoban, New York (1) 212-438-7385; robert.hoban@spglobal.com
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Research Update: Insurer Helvetia Schweizerische Versicherungs-Gesellschaft in Liechtenstein Affirmed At 'A-'; Outlook Stable Primary Credit Analyst: Birgit Roeper-Gruener, Frankfurt (49) 69-33-999-172;
More informationU.K.-Based High Speed Rail Finance 1 'A' Issue Rating Affirmed; Outlook Stable
Research Update: U.K.-Based High Speed Rail Finance 1 'A' Issue Rating Affirmed; Outlook Stable Primary Credit Analyst: Rachel C Goult, Paris 0033 (0) 966 965933; rachel.goult@standardandpoors.com Secondary
More informationGermany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable
Research Update: Germany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable Primary Credit Analyst: Jean Paul Huby Klein, Frankfurt (49) 69-33-999-198;
More informationSpain-Based Banco Popular Espanol Ratings Raised To 'BBB+/A-2' On Acquisition By Santander; Outlook Positive
Research Update: Spain-Based Banco Popular Espanol Ratings Raised To 'BBB+/A-2' On Acquisition By Santander; Outlook Positive Primary Credit Analyst: Lucia Gonzalez, Madrid (34) 91 788 7219; lucia.gonzalez@spglobal.com
More informationSpain-Based Bankia Ratings Affirmed At 'BBB-/A-3' Following Merger Announcement; Outlook Still Positive
Research Update: Spain-Based Bankia Ratings Affirmed At 'BBB-/A-3' Following Merger Announcement; Outlook Still Positive Primary Credit Analyst: Antonio Rizzo, Madrid (34) 91-788-7205; Antonio.Rizzo@spglobal.com
More informationGermany-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;
More informationHow We Rate Insurers
Criteria Officers: Emmanuel Dubois-Pelerin, Global Criteria Officer, Financial Services, Paris (33) 1-4420-6673; emmanuel.dubois-pelerin@standardandpoors.com Michelle Brennan, EMEA Financial Services Criteria
More informationRoyal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive
Research Update: Royal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive Primary Credit Analyst: Sadat Preteni, London (44) 20-7176-7560; sadat.preteni@spglobal.com Secondary Contact: Alexandre
More informationJyske Bank 'A-/A-2' Ratings Affirmed On Offer To Buy Nordjyske Bank
Research Update: Jyske Bank 'A-/A-2' Ratings Affirmed On Offer To Buy Nordjyske Bank Primary Credit Analyst: Pierre-Brice Hellsing, Stockholm + 46(0)84405906; Pierre-Brice.Hellsing@spglobal.com Secondary
More informationPetroleos Mexicanos And Subsidiaries Upgraded To Foreign Currency 'BBB+' And Local Currency 'A' On Sovereign Upgrade
Research Update: And Subsidiaries Upgraded To Foreign Currency 'BBB+' And Local Currency 'A' On Sovereign Upgrade Primary Credit Analyst: Fabiola Ortiz, Mexico City (52) 55-5081-4449; fabiola.ortiz@standardandpoors.com
More informationPacific LifeCorp And Insurance Subsidiaries
Pacific LifeCorp And Insurance Subsidiaries Primary Credit Analyst: Heena C Abhyankar, New York + 1 (212) 438 1106; heena.abhyankar@spglobal.com Secondary Contacts: Elizabeth A Campbell, New York (1) 212-438-2415;
More informationRatings 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
More informationGermany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Outlook Stable
Research Update: Germany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Primary Credit Analyst: Anton Geyze, Moscow (7) 495-783-4134; anton.geyze@spglobal.com Secondary Contact:
More informationResearch Update: DekaBank Deutsche Girozentrale Affirmed At 'A/A-1' On Bank Criteria Change; Outlook Revised To Stable.
December 8, 2011 Research Update: DekaBank Deutsche Girozentrale Affirmed At 'A/A-1' On Bank Criteria Change; Outlook Revised To Stable Primary Credit Analyst: Harm Semder, Frankfurt (49) 69-33-999-158;harm_semder@standardandpoors.com
More informationBanco de Credito del Peru And Subsidiary Upgraded To 'BBB+' From 'BBB' On Stronger Capitalization, Outlook Stable
Research Update: Banco de Credito del Peru And Subsidiary Upgraded To 'BBB+' From 'BBB' On Stronger Capitalization, Outlook Stable Table Of Contents Overview Rating Action Rationale Outlook Ratings Score
More informationBelgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable
Research Update: Belgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Philippe Raposo, Paris (33) 1-4420-7377; philippe.raposo@spglobal.com Secondary Contact: Nicolas
More informationStatoil Outlook Revised To Positive; 'A+/A-1' Ratings Affirmed
Research Update: Statoil Outlook Revised To Positive; 'A+/A-1' Ratings Affirmed Primary Credit Analyst: Alexander Griaznov, Moscow (7) 495-783-4109; alexander.griaznov@spglobal.com Secondary Contact: Edouard
More informationAfrican Trade Insurance Agency Outlook Revised To Stable From Negative; 'A' Rating Affirmed
Research Update: African Trade Insurance Agency Outlook Revised To Stable From Negative; 'A' Rating Affirmed Primary Credit Analyst: Benjamin J Young, Dubai (971) 4-372-7191; benjamin.young@spglobal.com
More informationResearch Update: Grupo de Inversiones Suramericana S.A. 'BBB-' Ratings Affirmed, Off CreditWatch On Successful Capitalization Plan.
June 12, 2012 Research Update: Grupo de Inversiones Suramericana S.A. 'BBB-' Ratings Affirmed, Off CreditWatch On Successful Capitalization Plan Primary Credit Analyst: Luis Manuel M Martinez, Mexico City
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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;
More informationCore Entities Of German Insurance Group W&W Affirmed At 'A-'; Outlook Stable
Research Update: Core Entities Of German Insurance Group W&W Affirmed At 'A-'; Outlook Stable Primary Credit Analysts: Volker Kudszus, Frankfurt (49) 69-33-999-192; volker.kudszus@spglobal.com Benjamin
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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,
More informationGreek Gaming Company Intralot S.A. Outlook Revised To Stable On Improved Operating Performance; 'B' Rating Affirmed
Research Update: Greek Gaming Company Intralot S.A. Outlook Revised To Stable On Improved Operating Performance; 'B' Rating Affirmed Primary Credit Analyst: Mark J Davidson, London (44) 20-7176-6306; mark.davidson@standardandpoors.com
More informationInternational 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 Remains Stable Primary Credit Analyst: Lisa M Schineller, PhD, New York (1) 212-438-7352; lisa.schineller@spglobal.com
More informationAXA Insurance Group 'AA-' Ratings Affirmed After Announcement Of IPO Of U.S. Subsidiaries; Outlook Stable
Research Update: AXA Insurance Group 'AA-' Ratings Affirmed After Announcement Of IPO Of U.S. Subsidiaries; Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@spglobal.com Secondary
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More informationSwedish 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
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Research Update: BNP Paribas 'A+/A-1' Ratings Affirmed, Off Watch; Outlook Negative; Subordinated Debt Rating Lowered Primary Credit Analyst: Sylvie Dalmaz, PhD, Paris (33) 1-4420-6682; sylvie.dalmaz@standardandpoors.com
More informationCredit Suisse (Schweiz) AG Assigned 'A/A-1' Ratings; Outlook Stable
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More informationUBS 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
More informationTemasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable
Research Update: Temasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable Primary Credit Analyst: Bertrand P Jabouley, CFA, Singapore (65) 6239-6303; bertrand.jabouley@spglobal.com
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Research Update: Germany-Based DVB Bank Ratings Lowered To 'BBB/A-2' On Weakened Strategic Importance To Owner; Outlook Negative Primary Credit Analyst: Cihan Duran, Frankfurt (49) 69-33-999-242; cihan.duran@spglobal.com
More informationSouthern California Metropolitan Water District; General Obligation; Water/Sewer
Summary: Southern California Metropolitan Water District; General Obligation; Water/Sewer Primary Credit Analyst: Chloe S Weil, San Francisco (1) 415-371-5026; chloe.weil@standardandpoors.com Secondary
More informationBank of Cyprus Assigned 'B/B' Ratings; Outlook Positive
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Research Update: Delta Lloyd Operating Entities Upgraded To 'A' On Integration Into And Core Status To NN Group; Outlook Stable Primary Credit Analyst: Marc-Philippe Juilliard, Paris +(33) 1-4075-2510;
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Research Update: U.S.-Based Auto Supplier Autoliv Outlook Revised To Negative On Cash Injection In Veoneer; 'A-/A-2' Ratings Affirmed Primary Credit Analyst: Per Karlsson, Stockholm (46) 8-440-5927; per.karlsson@spglobal.com
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Research Update: Turkey-Based Investment Company Dogus Holding Downgraded To 'B+'; Ratings Placed On CreditWatch Negative Primary Credit Analyst: Per Karlsson, Stockholm (46) 8-440-5927; per.karlsson@spglobal.com
More informationEmpresa Generadora de Electricidad Itabo S. A. 'BB-' Ratings Affirmed, Outlook Remains Stable
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