Alþjóðlega matsfyrirtækið Standard & Poor's hefur lækkað einkunn
Tryggingamiðstöðvarinnar hf. og dótturfélags þess, Nemi Forsikring ASA í
Noregi, úr BBB í BBB- en félögin hafa verið á athugunarlista síðan 9. júní sl.
Horfur fyrirtækjanna eru metnar stöðugar.
Megin ástæða þess að matsfyrirtækið grípur til þessarar ráðstöfunar er
skuldastaða FL Group móðurfélags Tryggingarmiðstöðvarinnar. Í tilkynningu
Standard & Poor's kemur fram að eftir viðræður við stjórnendur FL Group álykti
matsfyrirtækið að enn sé til staðar sú áhætta að eigið fé TM rýrni þrátt fyrir
opinberar reglur, stjórnunarhætti og aðrar ráðstafanir sem koma eiga í veg
fyrir slíkt. Það er hins vegar álit S&P að hæfni TM og Nemi til að standa við
viðskiptalegar skuldbindingar sínar sé óbreytt.
Stjórn TM lýsir yfir vonbrigðum sínum með þessa niðurstöðu og bendir á að
fjárhagsleg staða TM og Nemi sé mjög sterk og félögin hafi sömu burði og áður
til þess að þjóna viðskiptavinum sínum til framtíðar.
Nánari upplýsingar gefur Óskar B. Hauksson, framkvæmdastjóri fjármála- og
rekstrarsviðs TM í síma 515 2000.
Tilkynning Standard & Poor's:
Insurers Tryggingamidstödin hf. And Subsidiary NEMI Forsikring ASA Downgraded
To 'BBB-'
Primary Credit Analyst: Peter McClean, London, (44) 20-7176-7075;
peter_mcclean@standardandpoors.com
Secondary Credit Analyst: Rowena Potter, London, (44) 20-7176-7070;
rowena_potter@standardandpoors.com
Additional Contact: Insurance Ratings Europe;
InsuranceInteractive_Europe@standardandpoors. com
Rationale
On June 26, 2008, Standard & Poor's Ratings Services lowered to 'BBB-' from
'BBB' its long-term counterparty credit and insurer financial strength ratings
on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary,
Norway-based non-life insurer NEMI Forsikring ASA. At the same time, the
ratings were removed from CreditWatch, where they were placed with negative
implications on June 6, 2008. The outlook on both entities is stable.
The rating actions reflect our concerns over the levels of debt leverage in
the parent company, Iceland-based investment holding company FL Group (not
rated). These concerns relate particularly to the potential threat to the
capitalization of TM and NEMI derived from the uncertainty regarding FL's
ability to service its debt obligations. In our view, this diminishes TM's and
NEMI's financial flexibility.
Following discussions with FL Group's management, Standard & Poor's has
received further clarification regarding FL's intentions toward its investment
in TM and NEMI, and regarding FL's ability to draw upon the capital resources
of those entities. As a result of these discussions, we have concluded that
there is sufficient potential threat to capitalization to justify a downgrade.
However, we also believe that there are regulatory, governance, and other
mechanisms in place that will limit the extent to which FL is able to access
TM's capital, and that consequently the downgrade should be limited to one
notch. Standard & Poor's view of the stand-alone credit quality of both TM and
NEMI remains unchanged.
Outlook
The stable outlook reflects Standard & Poor's expectation that capitalization
will be maintained at a level that supports the ratings on both TM and NEMI to
offset our continuing concerns regarding FL Group's debt leverage. In this
respect, we will continue to monitor the parent's actions to reduce leverage,
as well as its dividend flows from TM and NEMI. An upgrade is regarded as
unlikely in the medium term, based on information currently available.
Conversely, any significant unexpected deterioration in the TM group's
capitalization may lead to a downgrade.
Ratings List
Downgraded; CreditWatch/Outlook Action
To From
Tryggingamidstodin hf.
NEMI Forsikring ASA
Counterparty Credit Rating
Local Currency BBB-/Stable/-- BBB/Watch Neg/--
Financial Strength Rating
Local Currency BBB-/Stable/-- BBB/Watch Neg/--