On Sept. 11, 2003, Standard&Poor's Ratings Services assigned its 'B+' preferred stock rating to Argonaut Group Inc.'s (Argonaut; NASDAQ:AGII) Series A Mandatory Convertible Preferred Stock. The registration statement for this issue was filed with the Securities and Exchange Commission on Aug. 26, 2003. These securities, totaling $35.4 million, were sold earlier in 2003 by Argonaut in private transactions to HCC Holdings Inc. and to another investor. The ratings on Argonaut were affirmed and removed from CreditWatch on Aug. 8, 2003. Argonaut Group Inc. Counterparty credit rating BB+/Negative Series A Mandatory Convertible Preferred Stock B+/Negative
