NU Online News Service, June 2, 2003, 12:55 p.m. EDT – The Tokyo office of Standard & Poor’s Ratings Services has lowered the financial strength ratings of four Japanese life insurers one notch.
S&P lowered the financial strength rating of Nippon Life Insurance Company, Osaka, to A plus, from AA minus.
It lowered the financial strength rating of Nissay Dowa General Insurance Company Ltd., Tokyo, to A plus, from AA minus; of Sumitomo Life Insurance Company, Osaka, to BB plus, from BBB minus; and of Asahi Mutual Life Insurance Company, Tokyo, to CCC minus, from CCC.
S&P says it lowered the ratings of Nippon Life and Nissay Dowa, a unit of Nippon Life, because it believes falling Japanese stock prices will hurt Nippon Life’s capital base.