Best’s News & Research Service - December 07, 2017 04:46 PM (EST)
A.M. Best Issues Correction to Issue Credit Ratings on Surplus Notes of Certain Subsidiaries of Munich Reinsurance Company
- December 07, 2017 04:46 PM (EST)
Oldwick //BestWire// - A.M. Best has issued a correction to the previously published Long-Term Issue Credit Ratings (Long-Term IR) assigned to two surplus notes issued by American Alternative Insurance Corporation and The Princeton Excess & Surplus Lines Insurance Company (both headquartered in Princeton, NJ), U.S. operating companies of Munich Reinsurance Company. The Long-Term IRs are being corrected to “a+” from “a” and is not reflective of any change in the financial position of the company or A.M. Best’s opinion of the debt instruments. The incorrect rating appeared in the initial, now-corrected version of A.M. Best’s press release on A.M. Best’s website, dated Dec. 7, 2017, titled “A.M. Best Removes From Under Review and Upgrades Issuer Credit Ratings of Munich Reinsurance Company and Most of its Subsidiaries.” It also appeared on unaffiliated services such as Bloomberg.
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