| Copyright: | Business Wire | | Source: | Business Wire | | Wordcount: | 260 |
Business Editors/Insurance Writers
OLDWICK, N.J.--(BUSINESS WIRE)--November 21, 2007--A.M. Best Co. has commented that the issuer credit rating (ICR) of “bbb-” of Triple-S Management Corporation (TSM) (San Juan, PR) and the ICR of “bbb+” and the financial strength ratings (FSR) of B++ (Good) of its subsidiaries Triple-S, Inc. (TSI) and Great American Life Assurance Company of Puerto Rico (GALAPR), and the ICR of “a-” and FSR of A- (Excellent) for Seguros Triple-S, Inc. (STSI) all remain unchanged following the announcement of the company registering its initial public offering of 14 million Class B shares with the SEC on November 16, 2007. The rating outlook for both TSI and GALAPR is stable, and the rating outlook for STSI is negative.
TSM plans to sell 5 million shares and the existing stockholders are expected to sell an additional 9 million shares. Net proceeds using a mid-point of $17 per share are estimated to total $75.6 million. A.M. Best expects the proceeds to be used for general corporate purposes, which include working capital and the possibility of future acquisitions.
For Best’ s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
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