Executive Life’s Claims-Paying Rating Cut: Standard &...
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From Times Staff and Wire Reports
Executive Life’s Claims-Paying Rating Cut: Standard & Poor’s lowered its rating on the claims-paying ability of Executive Life Insurance Co., a subsidiary of financially ailing First Executive Corp., to B from BB. During the year ended Dec. 30, Executive Life’s reserves were cut in half largely because of the severe decline in junk bond prices, S&P; said. At the end of the year, the market value of Executive Life’s assets were $2.5 billion less than the value carried in its financial books.
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