TEXT-Fitch report on rating state-sponsored property insurers

Thu Feb 14, 2013 12:52pm EST

Feb 14 - Fitch Ratings has published a report that addresses its approach to
rating debt issued by U.S. state-sponsored property insurance entities (SSPI),
titled 'Rating Debt Issued by State-Sponsored Property Insurance Entities.'

Fitch has also withdrawn the criteria specific to debt issued by these entities,
'Guidelines for Rating Assessment-Secured Debt Issued by State-Sponsored
Property Insurers.' Going forward, Fitch will rate debt issued by SSPIs using
either the tax-supported master rating criteria or the insurance rating
methodology. The criteria that Fitch uses to rate debt issued by SSPI entities
will reflect the nature of the security supporting the bonds. Lead analytical
coverage will continue to be assigned to the related Fitch group accordingly.

There are no rating changes associated with the withdrawal of the sector
specific rating criteria, as this approach is consistent with the framework
previously outlined in that criteria.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research: Rating Debt Issued by State-Sponsored
Property Insurance Entities
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