Standard & Poor's Ratings Service has affirmed the rating of United Fire & Casualty Co. and the company's wholly owned subsidiaries and removed them from credit watch with negative implications.
The companies, with financial strength ratings of "A," were placed on credit watch on Sept. 9. However, S&P said the company and its subsidiary's outlook remains negative.
"The ratings on United Fire & Casualty Co. are based on the company's solid profitability excluding catastrophe losses, improved capitalization from historical levels, and diversified earnings stream," said Tom E. Thun, S&P credit analyst.
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