We have revised our liquidity assessment for marine protection and indemnity group Steamship Mutual to exceptional from strong, reflecting an increase in liquid assets compared with total expected claims. We are affirming our 'A-' ratings on The Steamship Mutual Underwriting Association (Bermuda) Ltd. and Steamship Mutual Underwriting Association Ltd. The stable outlook reflects our expectation that Steamship Mutual will maintain a strong level of capital adequacy and a combined ratio averaging about 100% over the next two years. We also expect the club to maintain its strong business risk profile. On Feb. 3, 2015, Standard&Poor's Ratings Services affirmed its 'A-' long-term counterparty credit and insurer financial strength ratings on Bermuda-domiciled marine mutual insurer Steamship Mutual Underwriting Association (Bermuda)
