S&P: Universal American unchanged

Standard & Poor's said that Universal American Corp.'s (BB+/negative) announcement that it will have a $26.7 million writedown of its subprime holdings is not resulting in any rating action.

The magnitude of the writedown reflects the holdings' market value as of Dec. 31 and the company anticipates that there will be further impairment on these securities in the first quarter of 2008, the agency said.

S&P noted that it expects that the impairments on these securities will be modest through the first quarter of 2008, at less than 10% of year-end 2007 statutory capital, including the asset valuation reserve.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.