S&P ups Cunningham Lindsey outlook to stable

Standard & Poor's said it revised its outlook on Cunningham Lindsey Group Inc. to stable from negative.

At the same time, the agency said it affirmed its B- counterparty credit rating on Cunningham Lindsey.

S&P added that the rating on Cunningham Lindsey reflects its operations' weak earnings, dependency on weather-related claims activity for certain branches, weak stand-alone liquidity, extremely high financial leverage and low interest coverage.

Offsetting these weaknesses are Cunningham Lindsey's diversified global claims services network and track record of financial support from Fairfax Financial Holdings Ltd. and prospective additional financial flexibility expected from Stone Point, the agency noted.

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