(The following statement was released by the rating agency)
Nov 27 - Standard & Poor’s Ratings Services is currently finalizing its criteria for insurance companies after receiving feedback on the “Request for Comment: Insurers: Rating Methodology,” it published on July 9, 2012. Today it has published a Credit FAQ titled “The How And When Of Standard & Poor’s Proposed Insurance Criteria”, which follows “Summary Of Submissions On Request For Comments: Insurers: Rating Methodology,” published Oct. 18, 2012, after the response period for the request for comment closed in September.
We understand from our discussions with respondents that the way in which we implement the new criteria is as important to issuers, investors, and other market participants as the final methodology. The article answers some of the questions we have received about the criteria review process and what can be expected when the new criteria are published.
The questions include how long the criteria review process will take, and what will happen if a company disagrees with a rating decision. We base our answers on our current implementation plan, and we will communicate any changes to our approach, and more detailed guidance, as we come closer to releasing the final criteria.