Leading ratings agency Standard and Poor’s (S&P) has confirmed North of England P&I club’s ‘A’ financial strength rating and stable outlook for the fourth consecutive year. According to S&P, the rating reflects the club’s continued ‘strong competitive position, very strong financial flexibility and historical operating performance relative to its peers’. S&P analysts Rowena Potter and Ali Karakuyu said the club’s compound annual growth in free reserves over the past 10 years of 13.9% placed it ‘at the top of its peer group and represents an out-performance of the International Group as a whole.’ Total free reserves of the 13 International Group clubs grew 3.8% from 1998 to 2007. S&P also praised North of England’s management for its continuity and commitment to service quality.