New ETF Book by Larry Connors - Click here to read more
These rating actions reflect the disclosure by Scottish Re on January 28, 2009 stating that on January 5, 2009, a regulatory order of supervision was issued by the State of Delaware Insurance Commissioner on Scottish Re (U.S.), Inc. At the end of third quarter 2008, absent a statutory accounting permitted practice, Scottish Re (U.S.), Inc estimated a roughly $132 million shortfall in reserve credit. In approving the permitted practice, the company and the Delaware Insurance Department agreed to the formal supervision of Scottish Re (U.S.), Inc likely to remain in place as long as the permitted practice remained in place.
A.M. Best remains concerned with the continued lack of clarity with respect to Scottish Re?s financial strength position, underpinned by its ongoing inability to make regular publicl disclosures of the market values of certain assets within various special purpose vehicles (SPV).
The FSR has been downgraded to E from C- and the ICR to ?rs? from ?cc? for Scottish Re (U.S.), Inc.
The FSR has been downgraded to D (Poor) from C- (Weak) and the ICRs to ?c? from ?cc? for the following primary operating subsidiaries of Scottish Re Group Limited:
-- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
-- Scottish Re Life Corporation
-- Orkney Re, Inc.
The ICR has been downgraded to ?cc? from ?ccc+? for Scottish Re Group Limited.
The following debt ratings have been affirmed:
Scottish Re Group Limited?
-- ?d? on $125 million non-cumulative preferred shares
Stingray Pass-Though Trust?
-- ?c? on $325 million 5.902% senior secured pass-through certificates, due 2012
The following indicative ratings have been affirmed:
Scottish Re Group Limited?
-- ?c? on senior unsecured debt
-- ?c? on subordinated debt
-- ?c? on preferred stock
-- Scottish Holdings Statutory Trust II and III?
-- ?c? on preferred securities
For Best?s Debt Ratings, all other Best?s Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at http://www.ambest.com/ratings/methodology.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
