| Title: | Arrowhead General Insurance Agency Inc. Rating Lowered One Notch To 'B-'; Outlook Negative |
| Price: | $100.00 |
| Publication Date: | May 06, 2008 |
| Report Type: | News |
| Abstract: | SAN FRANCISCO (Standard&Poor's) May 6, 2008--Standard&Poor's Ratings Services said today that it lowered its counterparty credit rating on San Diego-based Arrowhead General Insurance Agency Inc. (Arrowhead) to 'B-' from 'B'. Standard&Poor's also said that the outlook on Arrowhead is negative. "This rating action reflects our view that the company is unable to sustain the financial-performance goals that were established when we initially assigned the ratings in 2006," explained Standard&Poor's credit analyst Michael Gross. These metrics include sustained adjusted EBITDA fixed-charge coverage of 2.4x, annual net income of about $10 million, and the maintenance of larger bank loan covenant cushions relative to actual recent experience. Declining property/casualty premium rates and some carrier disruption |
| Brief Excerpt: | RESEARCH Ratings Definitions Arrowhead General Insurance Agency Inc. Rating Lowered One Notch To '##'; Outlook Negative Publication date: ##-May-#### Primary Credit Analyst: Michael Gross, San Francisco (#) ###-###-####; michael_gross@standardandpoors.c... |
| Word Count: | 699 |
| Ticker: | 862022Z |
| Issuer: | Arrowhead General Insurance Agency Inc. |
| Sector: | Global Issuers, Insurance |
| Country: | United States |
| Region: | United States |
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