S&P assigns A+ to Traders Insurance

S&P said it assigned its A+ long-term issuer credit rating to Traders Insurance Ltd.

The outlook is stable.

The agency said the ratings on Traders reflect a view that the company is highly strategic to its parent, Chevron Corp.

S&P said its rating on a highly strategic subsidiary is typically one notch below the group credit profile of the parent.

“We view Traders as an integral part of the group's financial and risk management structure since this allows the parent to execute on its risk-retention strategy efficiently in regard to taxes, given the recent changes to the U.S. tax code brought forth in 2017,” the agency said in a news release.

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