PMA Withdraws Rating After Downgrade
Standard & Poor's has further downgraded its ratings on PMACapital Corp., citing the insurers decreased financial flexibility,additional reserve concerns and uncertain strategic directions forits future. But PMA issued a statement protesting the ratingagencys assessment and said it is immediately withdrawing fromS&P rating process.
Its been a turbulent November for PMA Capital. The company hadalready suffered a round of ratings cuts from major ratingsagencies after it surprised the marketplace with a $150 millionpre-tax charge to boost reinsurance operation reserves.
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