S&P Puts Norway’s Bluewater on Watch/Negative

February 5, 2007

Standard & Poor’s Ratings Services has placed its “BBB” long-term counterparty credit and insurer financial strength ratings on Oslo-based non-life insurer Bluewater Insurance ASA on CreditWatch with negative implications.

“The CreditWatch placement follows the announcement by Bluewater that it has entered into an agreement with Sweden-based insurer Tennant Insurance Group AB to acquire more than 90 percent of the shares in the group,” S&P explained.

“At this stage, we have little information about the proposed transaction,” stated S&P credit analyst Peter McClean. “Nevertheless, we hope to be in a position to resolve the CreditWatch placement following discussions with Bluewater’s management team, and in any case within a period of no more than 90 days,” he added.

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