Ratings Services News

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the financial performance and the insurance products across the board returned a staunch to high surplus. Renewals were in line with that market environment showing a modest increase in both tonnage and new members. Importantly, the Club was able to demonstrate almost 100% member retention - affirming the high levels of customer satisfaction it has reported throughout the year.

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the fi­nancial performance and the insurance products across the board returned a staunch to high surplus. Renewals were in line with that market environ­ment showing a modest increase in both tonnage and new members. Importantly, the Club was able to demonstrate almost 100% member retention - affirming the high levels of customer satisfaction it has reported throughout the year. This operating result was strong given the claims experience and on-going market conditions, with the Club recording an overall surplus of USD 18.4 million while free reserves reached USD 186 million.

Under Standard & Poor’s Ratings Services’ latest review, the American P&I Club’s financial strength rating has been raised a full notch from BB+ to BBB-, an investment grade, with a stable outlook. This action follows a comprehensive review of the club’s current and prospective circumstances by reference to S&P’s new criteria for the rating of insurance companies which it has now extended to 14 marine mutual insurers. In their rationale for increasing the club’s rating to an investment grade…

The Shipowners’ Club, major P&I insurer in the smaller and specialist vessel sector, has announced its first interactive ratings assigned by two leading credit agencies. S&P has confirmed the mutual’s rating as 'A –' with an outlook of Stable. To underpin its future business plan and development objectives, the Club’s board decided earlier in the year to apply for an inter-active assessment from both agencies. Standard & Poor’s Ratings Services (S&P) assigned the Club its 'A -' long-term counterparty credit and insurer financial strength rating. The outlook for this rating is Stable. A.M.Best have assigned a financial strength rating to Shipowners of A – (Excellent). The outlook was also confirmed as Stable.

Trading since the start of the year is consistent with the guidance provided in our Full Year Report in February. For the full year, the Group continues to expect good growth in underlying revenue and underlying profit with cash flow around breakeven as we continue to invest in future growth. Guidance excludes the impact of the Tognum acquisition and the proposed sale of the Group’s 32.5% shareholding in International Aero Engines (IAE). The Group’s balance sheet remains strong. Recognising this, Standard & Poor’s Ratings Services has raised its long and short term corporate credit ratings to ‘A/A-1’ from ‘A-/A-2’, with a stable outlook. Since announcing preliminary results in February, Rolls-Royce has achieved some important milestones.

According to a report from The Star, Firm’s investment grade will enable it to raise funds despite being impacted by downturn. Moody's Investors Service has downgraded the issuer and senior unsecured ratings of MISC, the world's single-largest owner-operator of liquefied natural gas tankers. Standard & Poor's Ratings Services (S&P) also lowered its long-term corporate credit rating on MISC. MISC chairman Datuk George Ratilal, emphasised that it was more important to note that MISC was still an investment grade, which would still enable the company to raise funds in the future despite being impacted by the current downturn. Source: The Star