Barbados http://www.alacrastore.com/country-snapshot/Barbados Friday, January 09, 2009 7:37:06 AM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/691919spcred/691919normThe latest News from S&Pglobalstructured12/19/2008 3:29:00 PM100News691919BarbadosReinsuranceEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceInsuranceAsset-Backed SecuritiesNewsNEW YORK (Standard&Poor's) Dec. 19, 2008--Standard&Poor's Ratings Services placed its 'A-' counterparty credit ratings on Bermuda-based Everest Re Group Ltd. (NYSE:RE) and its U.S.-based intermediary holding company, Everest Reinsurance Holdings Inc., on CreditWatch with negative implications. Standard&Poor's also said that it placed its 'AA-' counterparty credit and financial strength ratings on the main operating subsidiaries--Everest Reinsurance (Bermuda) Ltd., Everest Reinsurance Co., and Everest National Insurance Co. (collectively referred to as Everest)--on CreditWatch negative. "We placed the ratings on CreditWatch because Everest's 2008 underwriting performance is weaker than our expectation," noted Standard&Poor's credit analyst Taoufik Gharib. "In addition, the company has been unable to generate sustainable very strong underwriting and operating results overBRB40301050 403010 4030 40Everest Re Group Ltd.346644EMERGINGLATAMERICARENEWSUSABMU29980840301040 403010 4030 4040301050 403010 4030 40Everest Reinsurance (Bermuda) Ltd.Everest Reinsurance Co.Everest National Insurance Co.Everest Reinsurance Holdings Inc.125581341922347503105641EMERGINGLATAMERICAUSAREREREREGLOBISSSTRUCINSABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/691920spcred/691920normThe latest Research Update from S&Pglobalstructured12/19/2008 3:29:00 PM175Research Update691920BarbadosReinsuranceEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceInsuranceAsset-Backed SecuritiesResearch UpdateOn Dec. 19, 2008, Standard&Poor's Ratings Services placed its 'A-' counterparty credit ratings on Bermuda-based Everest Re Group Ltd. (NYSE:RE) and its U.S.-based intermediary holding company, Everest Reinsurance Holdings Inc., on CreditWatch with negative implications. At the same time, we also placed our 'AA-' counterparty credit and financial strength ratings on the main operating subsidiaries--Everest Reinsurance (Bermuda) Ltd., Everest Reinsurance Co., and Everest National Insurance Co. (collectively referred to as Everest)--on CreditWatch negative. We placed the ratings on CreditWatch because Everest's 2008 underwriting performance is weaker than our expectation of a combined ratio of 93%-95% and because of the company's inability to generate sustainable very strong underwriting and operating results over multi-year periods. The company generally relies lessBRB40301050 403010 4030 40Everest Re Group Ltd.346644EMERGINGLATAMERICARERESUPDUSABMUBRB29980829980R40301050 403010 4030 4040301040 403010 4030 40Everest Reinsurance (Bermuda) Ltd.Everest Reinsurance Co.Everest Re Capital Trust IIEverest National Insurance Co.Everest Reinsurance Holdings Inc.125581341922371954347503105641EMERGINGUSALATAMERICAREREREREREGLOBISSSTRUCINSABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/675013spcred/675013normThe latest Full Report from S&Pglobal10/3/2008 6:28:01 PM400Full Report675013BarbadosEmerging MarketsLatin AmericaGlobal IssuersSovereignsFull ReportPolitical stability and strong governance, reflecting mature political, judicial, and economic institutions. Monetary stability supported by a long-standing fixed-exchange-rate regime. Large surpluses at the National Insurance Scheme, giving the government financing flexibility while it addresses the needs of an ageing population. Somewhat limited fiscal flexibility because of a relatively high general government debt level. A small, open economy with few growth prospects outside the tourism sector and high current account deficits, which leave Barbados vulnerable to negative external factors. The ratings on Barbados reflect the country's social cohesion and political stability, as well as the fiscal flexibility provided by the National Insurance Scheme surpluses to offset the vulnerabilities posed by the narrow economic base and sizable external imbalances. Consensus policymakingBRB067070Barbados340818EMERGINGLATAMERICA5824ZFULLGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/675018spcred/675018normThe latest Summary from S&Pglobal10/3/2008 6:28:01 PM175Summary675018BarbadosEmerging MarketsLatin AmericaGlobal IssuersSovereignsSummaryThe ratings on Barbados reflect the country's social cohesion and political stability, as well as the fiscal flexibility provided by the National Insurance Scheme surpluses to offset the vulnerabilities posed by the narrow economic base and sizable external imbalances. Consensus policymaking provides a social safety net and a predictable business environment that Standard&Poor's Ratings Services expects to bring per capita GDP to more than $13,500 this year (versus the $8,700 for the 'BBB' median). We expect the central government deficit to narrow to 2.7% of GDP in 2008 from 3.1% in 2007 as corrective revenue-generating measures--including higher fees and excise taxes combined with an end to fuel subsidies that began in April--reverse the fiscal deterioration in 2007 andBRB067070Barbados340818EMERGINGLATAMERICA5824ZSUMMARYGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/670429spcred/670429normThe latest Full Report from S&Pglobalstructuredpubfin9/10/2008 1:09:00 PM400Full Report670429BarbadosDiversified Capital MarketsCanadaEmerging MarketsLatin AmericaGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSFull ReportStrong business position in the Caribbean region Strategically important to parent Adequate financial profile Limited economic diversification in region of operation Strong regional competition is pressuring margins Lower adjusted capitalization ratios and coverage of nonperforming assets (NPAs) than other banks in the Caribbean The counterparty credit and CD ratings on FirstCaribbean International Bank Ltd. (FirstCaribbean) are underpinned by its regional infrastructure, diversification, and strong market share in the Caribbean; the success of its integration process; and its adequate financial profile. The ratings also reflect Standard&Poor's Ratings Services' group methodology, in which we consider FirstCaribbean to be a strategically important subsidiary of Canadian Imperial Bank of Commerce (CIBC; A+/Negative/A-1). These factors are balanced by the challenges faced in expandingBRB40203030 402030 4020 40FirstCaribbean International Bank Limited362886CANEMERGINGLATAMERICACWH@JAFULLIRLCAN13591Z136069C24282C2428PC1780Z40203020 402030 4020 4040101010 401010 4010 4040201020 402010 4020 40Canadian Imperial Bank of CommerceCIBC World Markets Ireland Ltd.CIBC World Markets Securities Ireland Ltd.105765350257355967USAASIACANEMERGINGEUROMIDAFRLATAMERICAPACCM@CN51680Z@CN51680Z@CNGLOBISSSTRUCPUBFINFIUTILABSCDOABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/670431spcred/670431normThe latest Summary from S&Pglobalstructuredpubfin9/10/2008 1:09:00 PM175Summary670431BarbadosDiversified Capital MarketsCanadaEmerging MarketsLatin AmericaGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSSummaryThe counterparty credit and CD ratings on FirstCaribbean International Bank Ltd. (FirstCaribbean) are underpinned by its regional infrastructure, diversification, and strong market share in the Caribbean; the success of its integration process; and its adequate financial profile. The ratings also reflect Standard&Poor's Ratings Services' group methodology, in which we consider FirstCaribbean to be a strategically important subsidiary of Canadian Imperial Bank of Commerce (CIBC; A+/Negative/A-1). These factors are balanced by the challenges faced in expanding the business conservatively given the highly competitive operating environment in the Caribbean, the relatively low economic diversity of the economies in which it operates, and country concentration, which somewhat heightens the bank's intrinsic credit risks. FirstCaribbean has a strong regional infrastructure that providesBRB40203030 402030 4020 40FirstCaribbean International Bank Limited362886CANEMERGINGLATAMERICACWH@JASUMMARYCAN13591Z136069C24282C2428PC1780Z40101010 401010 4010 40Canadian Imperial Bank of Commerce105765USAASIALATAMERICACANEMERGINGEUROMIDAFRPACCM@CNGLOBISSSTRUCPUBFINFIUTILABSCDOABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/597535spcred/597535normThe latest Full Report from S&Pglobalstructuredpubfin8/28/2008 2:43:00 AM400Full Report597535BarbadosMulti-line InsuranceCanadaEmerging MarketsLatin AmericaGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSFull ReportCore to its parent, Royal Bank of Canada (RBC). An established position in the European life retrocession market. Very strong operating performance. Very strong capitalization and balance sheet. Concentrated dependence on primary line of business. Appetite for secondary businesses with potentially volatile risk profiles. Increased competition in the European life retrocession market. The insurer financial strength rating on Royal Bank of Canada Insurance Co. Ltd. (ICL) is the same as our rating on its parent, Royal Bank of Canada (RBC; AA-/Positive/A-1+), because we view ICL as core to RBC. ICL's strengths include an established position in the European life retrocession market, very strong operating performance, and very strong capital adequacy. Weaknesses include a concentrated dependence on its primary line ofBRB40301030 403010 4030 40Royal Bank of Canada Insurance Co. Ltd.324400CANEMERGINGLATAMERICA1001Z@BAFULLCAN78008578008678008778008E78008F78008G78009Z78010278010AC79742C80087C8008840101010 401010 4010 40Royal Bank of Canada102029CANEMERGINGEUROMIDAFRLATAMERICAPACUSARY@CNGLOBISSSTRUCPUBFINFIINSCORPABSCDOABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/666474spcred/666474normThe latest Full Report from S&Pglobal8/20/2008 6:42:27 PM400Full Report666474BarbadosMulti-line InsuranceCanadaEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsInsuranceFull ReportViewed as a core subsidiary of the Royal Bank of Canada group Well-established position in the European life retrocession market Very strong operating performance Solid capital adequacy and balance-sheet position Dependence on one primary business line Expansion strategy exposes the firm to new and potentially volatile business lines Growing competition in the European life retrocession market The ratings on Royal Bank of Canada Insurance Co. Ltd. (RBC Insurance) reflect its well-established position in the European life retrocession market, very strong operating performance, conservative investment portfolio, and solid capital adequacy and balance-sheet position. Challenges the company faces include: concentration of its primary line of business, pursuit of a growth strategy that includes developing and expanding into new business lines with potentiallyBRB40301030 403010 4030 40Royal Bank of Canada Insurance Co. Ltd.324400CANEMERGINGLATAMERICA1001Z@BAFULLGLOBISSFIINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/666475spcred/666475normThe latest Summary from S&Pglobalstructuredpubfin8/20/2008 6:42:00 PM175Summary666475BarbadosMulti-line InsuranceCanadaEmerging MarketsLatin AmericaGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSSummaryThe ratings on Royal Bank of Canada Insurance Co. Ltd. (RBC Insurance) reflect its well-established position in the European life retrocession market, very strong operating performance, conservative investment portfolio, and solid capital adequacy and balance-sheet position. Challenges the company faces include: concentration of its primary line of business, pursuit of a growth strategy that includes developing and expanding into new business lines with potentially volatile risk profiles, and the growing competition in the European life retrocession market. The ratings also reflect Standard&Poor's Ratings Services' view that RBC Insurance will remain a core subsidiary to its parent, Royal Bank of Canada (RBC; AA-/Stable/A-1+). The core status reflects its common branding, 100% ownership, and material earnings contribution to the RBCBRB40301030 403010 4030 40Royal Bank of Canada Insurance Co. Ltd.324400CANEMERGINGLATAMERICA1001Z@BASUMMARYCAN78008578008678008778008E78008F78008G78009Z78010278010AC79742C80087C8008840101010 401010 4010 40Royal Bank of Canada102029CANEMERGINGEUROMIDAFRLATAMERICAPACUSARY@CNGLOBISSSTRUCPUBFINFIINSCORPABSCDOABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/666394spcred/666394normThe latest News from S&Pglobal8/20/2008 1:06:27 PM100News666394BarbadosEmerging MarketsLatin AmericaGlobal IssuersInsuranceNewsMEXICO CITY (Standard&Poor's) Aug. 20, 2008--Standard&Poor's Ratings Services affirmed its 'BBB+' long-term counterparty credit and financial strength ratings on Sagicor Life Inc. (Sagicor). The outlook is stable. At the same time, we affirmed our 'BBB' long-term senior unsecured debt rating on the $150 million senior unsecured obligations with up to 10 year maturity issued by Sagicor Finance Ltd., a Cayman Islands-based subsidiary of Sagicor Financial Corp., which is based in Barbados. Sagicor and Sagicor Financial Corp. irrevocably, unconditionally, and jointly guarantee these notes. "The counterparty credit and financial strength ratings reflect Sagicor's strong operating performance, conservative underwriting discipline, good profitability, and strong capitalization levels. The ratings also reflect Sagicor's dominant market position as the leading lifeBRBSagicor Life Inc.400242EMERGINGLATAMERICA10494ZNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/666395spcred/666395normThe latest Research Update from S&Pglobalstructured8/20/2008 1:06:00 PM175Research Update666395BarbadosEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceInsuranceSovereignsAsset-Backed SecuritiesResearch UpdateOn Aug. 20, 2008, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term counterparty credit and financial strength ratings on Sagicor Life Inc. (Sagicor). The outlook is stable. At the same time, we affirmed our 'BBB' long-term senior unsecured debt rating on the $150 million senior unsecured obligations with up to 10 year maturity issued by Sagicor Finance Ltd., a Cayman Islands-based subsidiary of Sagicor Financial Corp., which is based in Barbados. Sagicor and Sagicor Financial Corp. irrevocably, unconditionally, and jointly guarantee these notes. The counterparty credit and financial strength ratings reflect Sagicor's strong operating performance, conservative underwriting discipline, good profitability, and strong capitalization levels. The ratings also reflect Sagicor's dominant market position as the leading life insurer in theBRBSagicor Life Inc.400242EMERGINGLATAMERICA10494ZRESUPDJAMCYM786698470160JamaicaSagicor Finance Ltd.339984400243LATAMERICAEMERGING1084Z@JAGLOBISSSTRUCINSSOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665935spcred/665935normThe latest News from S&Pglobal8/18/2008 6:27:00 PM100News665935BarbadosEmerging MarketsLatin AmericaGlobal IssuersSovereignsNewsNEW YORK (Standard&Poor's) Aug. 18, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Barbados. Standard&Poor's also said that the outlook on Barbados remains stable. "Supporting the ratings are the country's social cohesion and political stability as well the fiscal flexibility provided by the National Insurance Scheme surpluses," explained Standard&Poor's credit analyst Richard Francis. "The vulnerabilities posed by the narrowness of the economic base and sizeable external imbalances somewhat offset these strengths." Standard&Poor's expects the central government deficit to narrow to 2.7% of GDP in 2008 from 3.1% in 2007, as corrective revenue-generating measures--including higher fees and excise taxesBRB067070Barbados340818EMERGINGLATAMERICA5824ZNEWSGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665936spcred/665936normThe latest Research Update from S&Pglobal8/18/2008 6:27:00 PM175Research Update665936BarbadosEmerging MarketsLatin AmericaGlobal IssuersSovereignsResearch UpdateOn Aug. 18, 2008, Standard&Poor's Ratings Services affirmed its 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Barbados. The outlook remains stable. The ratings weigh the country's social cohesion and political stability as well the fiscal flexibility provided by the National Insurance Scheme surpluses against the vulnerabilities posed by the narrowness of the economic base and sizeable external imbalances. Consensus policymaking provides a social safety net and a predictable business environment that we expect to bring per capita GDP to more than $13,500 this year (versus the $8,700 for the 'BBB' median). Standard&Poor's expects the central government deficit to narrow to 2.7% of GDP in 2008 from 3.1% in 2007, as corrective revenue-generatingBRB067070Barbados340818EMERGINGLATAMERICA5824ZRESUPDGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/364830spcred/364830normThe latest Full Report from S&Pglobalstructuredpubfin8/9/2008 2:45:00 AM400Full Report364830BarbadosMulti-line InsuranceLatin AmericaCanadaEmerging MarketsGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsFull ReportRelationship with its parent, Royal Bank of Canada (RBC). Very strong historical operating performance. Very strong capital adequacy. Modest scale of newer lines of business. Exposure to potentially volatile lines of business. The insurer financial strength rating on Royal Bank of Canada Insurance Co. Ltd. (RBCICL) is based on the maturation of its business plan, strong capital adequacy, and very strong operating profitability throughout the rating history. Operating performance and capital adequacy remain strong. The fundamental strength of the rating is tied to the incoming European life book. RBCICL is considered a core part of the RBC group because it is a 100%-owned subsidiary operating in lines of business compatible with RBC's strategy. The RBCICL operation has been a consistentBRB40301030 403010 4030 40Royal Bank of Canada Insurance Co. Ltd.324400LATAMERICACANEMERGING1001Z@BAFULLCAN78008578008678008778008E78008F78008G78009Z78010278010AC79742C80087C8008840101010 401010 4010 40Royal Bank of Canada102029CANEMERGINGEUROMIDAFRLATAMERICAPACUSARY@CNGLOBISSSTRUCPUBFINCORPFIINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/392334spcred/392334normThe latest News from S&Pglobalstructuredpubfin8/9/2008 2:45:00 AM100News392334BarbadosMulti-line InsuranceEmerging MarketsLatin AmericaCanadaPublic FinanceGlobal IssuersStructured FinanceResidential MBSCollateralized Debt ObligationsCorporationsFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSNewsNEW YORK (Standard&Poor's) Aug. 25, 2004--Standard&Poor's Ratings Services said today that it affirmed its 'AA-' counterparty credit and financial strength ratings on Royal Bank of Canada Insurance Co. Ltd. (RBCICL). Standard&Poor's also said that the outlook on RBCICL is stable. "The ratings are based on RBCICL's status as a core member of the Royal Bank of Canada (RBC; AA-/Stable/A-1+) group as well as on the maturation of its business plan, its very strong capital adequacy, and its very strong operating profitability throughout the rating history," explained Standard&Poor's credit analyst Rodney A. Clark. The fundamental strength of the rating is tied to the incoming European life book. Standard&Poor's expects strong andBRB40301030 403010 4030 40Royal Bank of Canada Insurance Co. Ltd.324400EMERGINGLATAMERICACAN1001Z@BANEWSCAN78008578008678008778008E78008F78008G78009Z78010278010AC79742C80087C8008840101010 401010 4010 40Royal Bank of Canada102029CANEMERGINGEUROMIDAFRLATAMERICAPACUSARY@CNPUBFINGLOBISSSTRUCRMBSCDOCORPFIINSABCPABSCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/392335spcred/392335normThe latest Research Update from S&Pglobalstructuredpubfin8/9/2008 2:45:00 AM175Research Update392335BarbadosMulti-line InsuranceCanadaLatin AmericaEmerging MarketsGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsResearch UpdateOn Aug. 25, 2004, Standard&Poor's Ratings Services affirmed its 'AA-' counterparty credit and financial strength ratings on Royal Bank of Canada Insurance Co. Ltd. (RBCICL). The outlook is stable. The ratings are based on RBCICL's status as a core member of the Royal Bank of Canada (RBC) (AA-/Stable/A-1+) group as well as on the maturation of its business plan, its very strong capital adequacy, and its very strong operating profitability throughout the rating history. The fundamental strength of the rating is tied to the incoming European life book. Standard&Poor's expects strong and consistent earnings from each of RBCICL's core operations. RBCICL's average ROR is expected to continue to exceed 30% for fiscal 2004, with somewhat reducedBRB40301030 403010 4030 40Royal Bank of Canada Insurance Co. Ltd.324400CANLATAMERICAEMERGING1001Z@BARESUPDCAN78008578008678008778008E78008F78008G78009Z78010278010AC79742C80087C8008840101010 401010 4010 40Royal Bank of Canada102029CANEMERGINGEUROMIDAFRLATAMERICAPACUSARY@CNGLOBISSSTRUCPUBFINCORPFIINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/431299spcred/431299normThe latest Summary from S&Pglobalstructuredpubfin8/9/2008 2:45:00 AM175Summary431299BarbadosMulti-line InsuranceLatin AmericaCanadaEmerging MarketsGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsSummaryThe insurer financial strength rating on Royal Bank of Canada Insurance Co. Ltd. (RBCICL) is based on the maturation of its business plan, strong capital adequacy, and very strong operating profitability throughout its rating history. Operating performance and capital adequacy remain strong. The fundamental strength of the rating is the incoming European life book. RBCICL is considered a core part of the Royal Bank of Canada (RBC) group, as a 100%-owned subsidiary operating in lines of business compatible with the RBC strategy. The RBCICL operation has been a consistent contributor to the earnings of its parent, and its core competency comes from the parent's strong retail banking base. RBCICL has demonstrated consistently excellent operating results, with a combined ratio ofBRB40301030 403010 4030 40Royal Bank of Canada Insurance Co. Ltd.324400LATAMERICACANEMERGING1001Z@BASUMMARYCAN78008578008678008778008E78008F78008G78009Z78010278010AC79742C80087C8008840101010 401010 4010 40Royal Bank of Canada102029CANEMERGINGEUROMIDAFRLATAMERICAPACUSARY@CNGLOBISSSTRUCPUBFINCORPFIINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/432430spcred/432430normThe latest Full Report from S&Pglobalstructuredpubfin8/9/2008 2:45:00 AM400Full Report432430BarbadosMulti-line InsuranceCanadaLatin AmericaEmerging MarketsGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsFull ReportStrong relationship with its parent, Royal Bank of Canada (RBC) Very strong historical operating performance Very strong capital adequacy Modest scale of newer lines of business Exposure to potentially volatile lines of business The insurer financial strength rating on Royal Bank of Canada Insurance Co. Ltd. (RBCICL) is based on the maturation of its business plan, strong capital adequacy, and very strong operating profitability throughout its rating history. Operating performance and capital adequacy remain strong. The fundamental strength of the rating is the incoming European life book. RBCICL is considered a core part of the RBC group, as a 100%-owned subsidiary operating in lines of business compatible with the RBC strategy. The RBCICL operation has been a consistent contributor toBRB40301030 403010 4030 40Royal Bank of Canada Insurance Co. Ltd.324400CANLATAMERICAEMERGING1001Z@BAFULLCAN78008578008678008778008E78008F78008G78009Z78010278010AC79742C80087C8008840101010 401010 4010 40Royal Bank of Canada102029CANEMERGINGEUROMIDAFRLATAMERICAPACUSARY@CNGLOBISSSTRUCPUBFINCORPFIINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/500502spcred/500502normThe latest Full Report from S&Pglobalstructuredpubfin8/9/2008 2:45:00 AM400Full Report500502BarbadosMulti-line InsuranceLatin AmericaEmerging MarketsCanadaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsFull ReportCore to its parent, Royal Bank of Canada (RBC). Very strong historical operating performance. Very strong capital adequacy. Very strong balance sheet. Modest scale of newer lines of business. Increased volatility in property catastrophe exposures. The insurer financial strength rating on Royal Bank of Canada Insurance Co. Ltd. (RBCICL) is based on its core status to its parent, RBC (AA-/Stable/A-1+), its strong competitive position in the European life retrocession market, its very strong capital adequacy, its strong operating profitability despite recent hurricane losses, and increased volatility in the property catastrophe business. RBCICL is considered core to RBC as it shares a common identity, is 100% owned by RBC, and it operates in lines of business that are compatible with itsBRB40301030 403010 4030 40Royal Bank of Canada Insurance Co. Ltd.324400LATAMERICAEMERGINGCAN1001Z@BAFULLCAN78008578008678008778008E78008F78008G78009Z78010278010AC79742C80087C8008840101010 401010 4010 40Royal Bank of Canada102029CANEMERGINGEUROMIDAFRLATAMERICAPACUSARY@CNGLOBISSSTRUCPUBFINCORPFIINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/267691spcred/267691normThe latest News from S&Pglobalstructuredpubfin8/9/2008 2:45:00 AM100News267691BarbadosMulti-line InsuranceLatin AmericaEmerging MarketsCanadaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsNews