Standard & Poor's announced today that CNA Insurance (Europe) and CNA Insurance are still on CreditWatch with negative implications. It said the CreditWatch placement, which both companies were placed on in August 2001, would be resolved by the end of next month.
The companies are expected to benefit from a guarantee to be provided by Continental Casualty Co (CCC) which already has the approval of CNA's management, but is awaiting approval by CCC's regulator.
S&P spokesman Simon Marshall said: "Approval from the regulator, which is now expected at the end of April, would result in the A- counterparty credit and insurer financial strength ratings on CIE and CI being affirmed.
"In the absence of a guarantee, it is likely that the ratings on CIE and CI would be lowered to the BBB category."
