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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - FEBRUARY 23, 2009 12:00 AM (EST)
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of Pathfinder Insurance Company (Pathfinder) (Denver, CO). The outlook for both ratings is stable.
The ratings reflect Pathfinder's strong capitalization, conservative leverage and operating strategies and historically high profitability. Partially offsetting these positive rating factors are the company's limited scope of business and its dependence on its ultimate parent, Avis Budget Group Inc. (Avis Budget) [NYSE: CAR], for business generation.
Pathfinder continues to have minimal losses due to the structure of coverage it provides and the strict risk management program it has in place. The ratings also consider the company's strategic value in providing automobile liability insurance to a portion of Avis Budget's corporately owned rental fleets.
A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world.
For current Best's Ratings and independent data on the captive and alternative insurance market, please visit Best's Captive Center.
The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at
Best's Rating Methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.