S&P Downgrades A.P. Assurance
NU Online News Service, Nov. 7, 3:35 p.m. EST?Standard & Poor's Ratings Services has lowered its counterparty and financial strength ratings for American Physicians Assurance Corp. to "triple-B-plus" from "A-minus" and put the company on Credit Watch with "negative" implications.
The New York-based S&P's decision, released today, was triggered by a disclosure from American Physicians Capital Inc.?the parent company of American Physicians Assurance?that the insurer would take a $43 million charge for reserve strengthening and an additional charge for eliminating a deferred tax asset.
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