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

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...

Report Type: Research Update
Ticker: TM@IR
Issuer: Tryggingamidstodin hf.
GICS: Multi-line Insurance (40301030)
Sector: Global Issuers, Insurance
Country: Iceland
Region: Europe, Middle East, Africa
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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.