(The following statement was released by the rating agency)
March 20 -
Summary analysis -- Triglav Insurance Co. Ltd. -------------------- 20-Mar-2012
CREDIT RATING: Country: Slovenia
Local currency A/Negative/--
Credit Rating History:
Local currency Foreign currency
25-Sep-2008 A/-- --/--
The ratings on Slovenia-based insurer Triglav Insurance Co. Ltd. (Triglav Insurance) and its reinsurance subsidiary Triglav Re, Reinsurance Co. Ltd (Triglav Re) reflect their core status within the Triglav Group (Triglav). Therefore, the ratings on Triglav Insurance and Triglav Re reflect the financial strength characteristics of Triglav.
The 'A' ratings are based on Triglav's notional group operating ratings (NGOR), which Standard & Poor's Ratings Services assesses at 'bbb+', plus a two-notch uplift reflecting the "high likelihood" of extraordinary support from the Slovenian government (A+/Negative/A-1+) in the event of financial distress. In accordance with our criteria for government-related entities (GREs; for more information please see General Criteria: Rating Government-Related Entities: Methodology And Assumptions, published on RatingsDirect on Dec. 9, 2010), we consider Triglav Insurance and Triglav Re's roles as "important" for the Slovenian government and the link between them as being "very strong."