(New Zealand Branch)
Notice of Rating Downgrade
Pursuant to Section 8 of the Insurance Companies
(Ratings and Inspections) Act 1994
Public notice is to be given of a rating downgrade by Standard & Poor's of The Tokio Marine & Fire Insurance Co., Limited (New Zealand Branch).
On 28 November 2001, Standard & Poor's lowered its insurer financial strength rating on The Tokio Marine
& Fire Insurance Co., Limited (New Zealand Branch) to "AA" from "AA+".
The downgrade follows similar action on its parent,
The Tokio Marine & Fire Insurance Co., Limited ("Tokio Marine"), after Standard & Poor's announced it had lowered the sovereign rating on Japan to "AA" with a negative outlook.
The rating remains on CreditWatch with negative implications following Tokio Marine's announcement that
it has agreed to enter discussions on providing various types of financial and business support to Asahi Mutual Life Insurance Co.
An insurer rated "AA" has VERY STRONG financial security characteristics, differing only slightly from those rated higher.