The recent natural catastrophes in Asia are likely to have a negative effect on SJ Singapore's parent group, NKSJ. We consider SJ Singapore's parent Sompo Japan Insurance Inc. to be a core subsidiary of the group. We are placing our 'A+' insurer financial strength rating on SJ Singapore on CreditWatch with negative implications. On Nov. 23, 2011, Standard&Poor's Ratings Services placed its 'A+' insurer financial strength rating on Sompo Japan Insurance (Singapore) Pte. Ltd. (SJ Singapore) on CreditWatch with negative implications. The CreditWatch placement follows a similar action on core insurers in SJ Singapore's parent group, NKSJ. (see "Ratings On Seven Japanese Insurers Placed On CreditWatch Negative," published Nov. 22, 2011, on RatingsDirect on the Global Credit Portal).
