TOKYO (Standard&Poor's) Jan. 5, 2009--Standard&Poor's Ratings Services said today that media reports of a possible merger among Mitsui Sumitomo Insurance Group Holdings Inc., the holding company of Mitsui Sumitomo Insurance Co. Ltd. (MSI; AA/Stable/A-1+), Aioi Insurance Co. Ltd. (A+/Stable/--), and Nissay Dowa General Insurance Co. Ltd. (A+/Stable/A-1) may affect the ratings on the companies. The ratings on MSI may be negatively affected, while there could be positive implications for the ratings on the remaining two insurers if the merger is confirmed. The three insurers have stated that there is nothing to announce at this stage. Standard&Poor's thus believes the progress and content of their discussions remain uncertain, and we will scrutinize the effects of
