Pursuant to section 8 (1) of the Insurance Companies (Ratings and Inspections) Act 1994, American Home Assurance Company (New Zealand Branch) (“AHA”) hereby gives notice of the revision of its insurer financial strength rating from “AAA” to “AA+” (credit watch negative), by approved rating agency Standard & Poor’s (Australia) Pty. Limited, on 31 March 2005.
The credit watch with negative implications which Standard & Poor’s placed on American International Group Inc (“AIG”) and its operating subsidiaries (including AHA) on 15 March 2005 was maintained.
The rating scale, of which the ratings form part, is available for inspection at any of AHA’s offices in New Zealand.