On Oct. 11, 2007, Standard&Poor's Rating Services revised its outlook on Singapore-based insurer TM Asia Insurance Singapore Ltd. (TM Asia) to positive from stable following the parent group's announcement of a merger of TM Asia and its sister company Tokio Marine&Fire Insurance Co. (Singapore) Pte. Ltd. (The) (TMS; local currency AA-/Stable/--). At the same time, the 'A+' long-term local currency counterparty credit rating and insurer financial strength ratings on TM Asia were affirmed. Following the merger, which is subject to regulatory approval, TMS' rating will be withdrawn as TM Asia will be the surviving entity. The outlook revision reflects Standard&Poor's expectation that the merger will improve Tokio Marine&Nichido Fire Insurance Co. Ltd.'s
