Standard & Poor's Ratings Services has changed the outlookfor Oil Insurance Ltd. to negative from stable while affirming it's"A-minus" financial strength rating.
The New York-based rating agency said it revised OIL's rating tonegative because it is concerned about the stability of thecompany's membership base.
"As of Oct. 31, 2006, nine members (out of 83) had notified OILof their intention to withdraw from OIL effective Jan. 1, 2007,"explained S&P credit analyst Laline Carvalho in a statement."The exiting members represent about 12 percent of OIL's weightedgross assets insured."
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