Standard & Poor’s removed American Financial Group from CreditWatch, but lowered the company’s outlook to “negative,” saying improved earnings and capital adequacy would be needed for the outlook to be returned to stable.
S&P did not lower American Financial’s debt ratings, stating that although the company’s consolidated capital is diminished it remains strong.
American Financial’s operating performance has been sluggish for the past two years, according to S&P, but improvement in 2002 and 2003 is expected as the company “takes advantage of better market conditions and realizes the positive effect on earnings from previously filed rate changes.”
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