S&P lifts American Steamship

Standard & Poor's said it raised its counterparty credit and financial strength ratings on American Steamship Owners Mutual P&I Assn. Inc. (American Club) to BB from BB-.

The outlook is stable.

"The upgrade reflects American Club's improved risk-based capital adequacy on a pro forma basis for 2009 as determined by its capital model," said S&P credit analyst Sid Ghosh.

The key factor behind the improvement in capital adequacy was a significant increase in the Club's statutory surplus to $48.7 million through June 30 from $36.5 million as of year-end 2008, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.