S&P boosts Southern Rock

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on Southern Rock Insurance Co. Ltd. to BB from BB-.

The outlook is stable.

The agency said that the upgrade reflects the company's improved competitive position through successful development of internet-based direct distribution channels, noting that the ratings on Southern Rock reflect its very short existence, marginal but improving competitive position and its strategic dependence on reinsurance.

These negative factors are partly offset by the company's good capitalization and good operating performance, the agency added.

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