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S&P Credit Research594 word report
published Oct 09, 2008
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S&P Credit Research
| Abstract: | On Oct. 9, 2008, Standard&Poor's Ratings Services lowered to 'BB' from 'BBB-' its long-term counterparty credit and insurer financial strength ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA (NEMI). All ratings remain on CreditWatch with negative implications. The downgrade reflects the further negative developments in Iceland over the last two days, and in particular the taking into receivership of the three major Icelandic banks. Future ownership of both companies is very uncertain, with current owner Stodir hf. (not rated) in bankruptcy protection until Oct. 20, 2008. TM will benefit from an element of regulatory protection from the Icelandic Financial Supervisory Authority, FME. However, it is difficult to predict the extent
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Icelandic Insurer TryggingamidstA¦din Group Ratings Downgraded And Kept On Watch Neg Publication date: 09-Oct-2008 Primary Credit Analyst: Peter McClean, London (44) 20-7176-7075; peter_mcclean@standardandpo...
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| Report Type: | Research Update
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| Ticker: | TM@IR
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| Issuer: | Tryggingamidstodin hf.
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| GICS: | Multi-line Insurance (40301030)
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| Sector: | Global Issuers, Insurance
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| Country: | Iceland
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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- Icelandic Insurer Tryggingamidstodin Still On Watch Neg On Future Ownership Concerns $100.00
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