S&P changes Iron Horse to stable

S&P said it revised its outlook on Iron Horse Insurance Co. to stable from negative and affirmed its A+ long-term issuer credit ratings.

The agency recently affirmed its ratings on the Chevron group and revised the outlook to stable from negative.

S&P said the ratings and outlook on Iron Horse reflect a view that the company is highly strategic to Chevron under the group methodology criteria.

“We view Iron Horse as an integral part of the group's financial and risk-management structure because it plays such a significant role in the group's risk-retention strategy,” the agency said in a news release.

“Partly offsetting these strengths are its relatively volatile operating performance and weak capital adequacy.”

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