S&P Give Western Growers 'R' on Liquidation Order

Standard & Poor's Ratings Services said yesterday that it revised its counterparty credit and financial strength ratings on Western Growers Insurance Co. to 'R' from 'CCCpi'. "The ratings were revised after learning that the Orange County Superior Court of California signed a liquidation order with a finding of insolvency against the company on Jan. 17, 2003," said Standard & Poor's credit analyst James Sung. The court appointed the California Insurance Commissioner as Liquidator of the company. In assigning its previous 'CCCpi' rating on Western Growers, Standard & Poor's cited concerns a...