Gard has strengthened its capitalization and continues to benefit from a strong operating performance. We are therefore revising the outlook on core operating entities of Gard group to positive from stable. In addition, we are affirming the 'A' ratings on the group and its core operating entities. The positive outlook reflects our opinion that we could raise the ratings if Gard maintains its strong financial profile over the rating horizon. LONDON (Standard&Poor's) Jan. 27, 2011--Standard&Poor's Ratings Services said today that it revised its outlook to positive from stable on Bermuda-based marine mutual protection and indemnity (P&I) association Gard P&I (Bermuda) Ltd. and its Norway-based sister mutual club Assuranceforeningen Gard - gjensidig - (collectively "Gard P&I" or
