Spain’s sickly economy faces a “crisis of huge proportions”, a minister said on Friday, as unemployment hit its highest level in two decades and Standard and Poor’s weighed in with a two-notch downgrade of the government’s debt. Spain’s unemployment rate …
The euro zone’s public debt crisis is not over despite calmer financial markets this year, the OECD said on Tuesday, with a warning that the bloc’s banks remain weak, debt levels are still rising and fiscal targets are far from …
Greece averted the immediate risk of an uncontrolled default, winning strong acceptance from its private creditors for a bond swap deal which will ease its massive public debt and clear the way for a new international bailout. The finance ministry …
Euro zone finance ministers on Monday rejected as insufficient an offer made by private bondholders to help restructure Greece’s debts, sending negotiators back to the drawing board and raising the threat of Greek default. At a meeting in Brussels, ministers …
Standard & Poor’s Ratings Services has followed up on the rating actions it announced in December concerning a number of Europe’s largest insurers. S&P has lowered its ratings on the following insurers (and certain related operating subsidiaries and certain holding …
Although the recent summit of the 27 countries of the European Union did manage to come up with a plan to control budget deficits – in the future – it “took no clear short term actions to address the debt …
A.M. Best has taken the somewhat unusual step of issuing a comment on its downgrading of the issuer credit ratings (ICR) to “aa-” from “aa” and the affirmation of the financial strength rating (FSR) of A+ (Superior) of Allianz Global …
A.M. Best Co. has affirmed the financial strength rating of ‘A+’ (Superior) and downgraded the issuer credit ratings (ICR) to “aa-” from “aa” of Allianz Global Corporate & Specialty North America (AGCS NA), which includes Allianz Global Risk US Insurance …
A.M. Best Co. has placed under review with negative implications and has also affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of Fireman’s Fund Insurance Companies, which includes Fireman’s Fund Insurance …
A.M. Best Co. has downgraded the financial strength rating to ‘A’ (Excellent) from ‘A+’ (Superior) and issuer credit ratings to “a+” from “aa-” of MAPFRE USA Group following the rating downgrades for its parent company, Spain’s MAPFRE S.A. The lead …
