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Standard and Poor’s has revised its outlook on nine Japanese insurers due to the March 11 earthquake and tsunami, while Moody’s says current loss estimates by two reinsurers are credit negative for that sector.

Despite its revised outlook to negative on some domestic insurers, S&P says it will likely not adjust ratings if current estimates on residential losses—currently at ¥1 trillion ($12.3 billion at the current exchange rate)—are not exceeded.

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