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A.M. Best Revises Outlook to Negative for Issuer Credit Rating of Novae Group plc; Affirms Ratings of Lloyd's Syndicate 2007.

Publication: Business Wire
Publication Date: 01-OCT-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
OLDWICK, N.J. -- A.M. Best Co. has revised the outlook to negative from stable for the issuer credit rating (ICR) and related debt ratings of Novae Group plc (United Kingdom) and Novae Holdings Limited (United Kingdom). Concurrently, A.M. Best has affirmed the ICR of "bbb" of Novae Group and the rating of "bbb-"on the GBP 70 million subordinated notes due 2017, issued by Novae Group. Additionally, A.M. Best has affirmed the ICR of "bbb-" of Novae Holdings and the ratings of "bbb-" on the USD 15 million senior unsecured floating rate notes due 2034, "bb+" on the USD 11 million subordinated floating rate notes due 2034 and "bbb-"on the USD 10 million senior unsecured floating rate...

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