We believe that a series of natural catastrophes in 2011 have weakened the capitalization of NKSJ Group. We are lowering the rating on SJ Singapore to 'A' from 'A+' and removing it from CreditWatch after a similar action on its parent company. The stable outlook reflects the outlook on Sompo Japan Insurance Inc. and SJ Singapore's strategic importance to the group. HONG KONG (Standard&Poor's) Feb. 23, 2012--Standard&Poor's Ratings Services today lowered its long-term financial strength rating on Sompo Japan Insurance (Singapore) Pte. Ltd. to 'A' from 'A+' and removed it from CreditWatch with negative implications, where it was placed on Nov. 22, 2011. The outlook on the rating is stable. The downgrade on Sompo Japan Insurance
