S&P Downgrades Argonaut Ratings

Standard & Poor's Ratings Services said yesterday that it lowered its counterparty credit and financial strength ratings on Argonaut Group Inc.'s property/casualty insurance companies (Argonaut) to 'BBB+' from 'A' based on the likely capital strain associated with the announced asbestos and environmental study and the company's declining capitalization. Standard & Poor's also said that these ratings remain on CreditWatch with negative implications. "Argonaut's capitalization and equity have declined in the past three years," noted Standard & Poor's credit analyst Frederic A. Sklow. "Offset...