Standard & Poor's Ratings Services said today it lowered to 'BB+' from 'BBB' its long-term counter party credit and insurer financial strength ratings on Germany-based Gerling-Konzern Allgemeine Versicherungs-AG (GKA) and Gerling-Konzern Lebensversicherungs-AG (GKL). The ratings remain on CreditWatch with developing implications, where they were placed on Oct. 29, 2002.
In addition, the 'A' long-term counter party credit and insurer financial strength ratings on the core entities of Germany-based credit insurance group GERLING NCM Credit and Finance AG (collectively GERLING NCM) remain on CreditWatch with negative implications. These ratings were originally placed on CreditWatch with developing implications on Dec. 20, 2002; the implications were subsequently revised to negative on Feb. 3, 2003.
