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S&P cuts Atlantic Mutual Insurance
Standard & Poor's said it revised its counterparty credit rating on Atlantic Mutual Insurance Co. to R from B+ and its surplus note rating to D from CCC following the company's nonpayment of interest on its $100 million 8.15% surplus notes that was due on Aug. 15.
S&P said it has learned from more than one source that the New York State Insurance Department disallowed the interest payment.
The agency added that Atlantic Mutual's net loss of $4.6 million for the six months ended June 30 was greater than the net loss of $1.9 million for the three months ended March 30, demonstrating continued weakness in earnings.
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