S&P cuts Argonaut outlook to negative

Standard & Poor's said it revised its outlook on Argonaut Group Inc. and Argonaut's rated operating subsidiaries to negative from stable.

At the same time, S&P said it affirmed its BBB- counterparty credit rating on Argonaut Group Inc. and its A- counterparty credit and financial strength ratings on the rated operating subsidiaries.

This rating action follows Argonaut's announcement that it has signed a definitive merger agreement with PXRE Group Ltd., the agency said.

According to S&P, Argonaut expects the merger to close by the end of third-quarter 2007 and the agency said it expects that this transaction will be favorable to Argonaut in several ways, but that it will introduce risks that warrant a negative outlook.

© 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.