Ins Corp of Hannover S&P Rating Lowered to BBB+

Standard & Poor's Ratings Services said yesterday that it lowered its counterparty credit and financial strength rating on the Insurance Corp. of Hannover (ICH) to 'BBB+' from 'A', primarily because ICH's operating performance is viewed as weak and is not expected to improve significantly in 2003. Standard & Poor's also said that the outlook on ICH is stable. "Additional negative factors include reserve deficiencies, a changing business model that creates uncertainties about ICH's business position, and the organization's ongoing restructuring," said Standard & Poor's credit analyst Damien...