S&P could lift American Steamship

Standard & Poor's said it placed the B+ counterparty credit and financial strength ratings on American Steamship Owners Mutual Protection & Indemnity Assoc. on CreditWatch with positive implications.

The agency said the rating action reflects American Steamship's significantly improved statutory capital of $31.3 million as of year-end 2006, compared with $8.4 million in 2005 and management's commitment to maintaining the company's capital prospectively, both on a risk adjusted and absolute basis.

S&P said it is conducting a detailed rating review of the company, which is expected to be completed within the next few weeks, and could raise the company's financial strength rating by a notch to BB-.

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