S&P upgrades 21st Century Insurance |
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Published
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Mon, 29 Oct 2007 14:59
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NEW YORK (AP) - Credit rating agency Standard & Poor's said Monday it raised its counterparty credit rating on 21st Century Insurance Group after American International Group Inc. said it would buy the company.S&P increased the rating to investment-grade 'AA' from 'BBB+.' An improved credit rating allows a company to receive better interest rates when borrowing money.S&P raised the rating after discussing with AIG its strategy and integration plans for 21st Century Insurance Group. 21st Century Insurance Group is effectively becoming a unit of AIG's personal insurance business and the rating reflects AIG's credit ratings, S&P credit analyst Steven Ader said in a statement.Shares of 21st Century Insurance Group rose 7 cents to $16.16 in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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21st Century Insurance upgraded on hopes of good integration with AIG - S&P 