The Japan earthquake is likely to have a negative effect on SJ Singapore's parent, Sompo Japan. We revised the outlook on SJ Singapore to negative from stable after taking similar action on its parent. We affirmed our 'A+' local currency financial strength rating on the company. On March 25, 2011, Standard&Poor's Ratings Services revised its rating outlook on Sompo Japan Insurance (Singapore) Pte. Ltd. (SJ Singapore) to negative from stable. At the same time, we affirmed the 'A+' local currency financial strength rating on the company. We revised the rating outlook on SJ Singapore to negative after we took similar action on its parent, Sompo Japan Insurance Inc. (Sompo Japan; AA-/Negative/--). In our view, the Great Tohoku earthquake
