Notice Type
General Section
Notice Title

The Tokio Marine & Fire Insurance Co., Limited

(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 16 April 2002, 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 CreditWatch.
An insurer rated "AA-" has VERY STRONG financial security characteristics, differing only slightly from those rated higher.