Highlands S&P Rating Downgraded to 'R'

Standard & Poor's Ratings Services said yesterday that it revised its financial strength ratings on Highlands Insurance Co. and affiliated companies to 'R' from triple-'Cpi' following insurance holding company Highlands Insurance Group Inc.'s (OTC:HIGP) announcement on Oct. 31, 2002, that it has filed for Chapter 11 bankruptcy protection in Delaware bankruptcy court. The company has filed a reorganization plan and has cancelled its common stock with no consideration paid to shareholders. Prior to filing for bankruptcy protection, Highlands Insurance Group Inc. was already in the process of a...