S&P drops Bluewater

Standard & Poor's said it lowered its insurer financial strength ratings and long-term counterparty credit rating on Bluewater Insurance ASA to BB+ from BBB-.

The outlook is stable.

The agency said that the rating action reflects its heightened concerns about Bluewater's risk controls, following recent discussions with the company.

It also reflects the greater-than-expected deterioration in the company's competitive position in both the nonmarine and the marine sector, demonstrated by the significant fall in gross written premiums during the first quarter of 2008, S&P said.

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