Assurant ratings on negative watch as directors receive SEC notice - Fitch |
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Published
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Wed, 18 Jul 2007 06:39
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MUMBAI (Thomson Financial) - Fitch Ratings said it has placed the ratings of specialty insurance company Assurant Inc on negative watch after three of its directors received Wells Notices from the US Securities and Exchange Commission (SEC) in connection with its ongoing investigation into abuse of loss mitigation insurance products.The ratings agency placed the 'BBB+' issuer default, 'BBB' senior debt and the short term issuer default rating of 'F2' on negative watch.Fitch said the negative watch status reflects its belief that there is a material possibility that the potential change in the company's leadership may disrupt Assurant's near and long-term strategic goals, and distract employees' attention.The ratings agency said it believes there is sufficient uncertainty surrounding the potential negative impact the SEC's investigations could have on the company's franchise and reputation.Fitch said it is unclear if further Wells Notices will be issued to other members of management, or if charges will be made against the company itself, resulting in fines or penalties.The ratings agency said Assurant ratings may be downgraded if in its view adverse changes occur within the management structure or if the company incurs material fines or penalties.tfn.newsdesk@thomson.comnet/manCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Fitch ends ratings coverage on Alliance Boots 