The American Club has criticised S&P Global Ratings’ revised capital rating model after it was downgraded, despite improving financial figures.
S&P downgraded the New York-based mutual from BBB- to BB+ with a stable outlook after an assessment under the new rating model which was introduced in November last year.
The American Club has questioned the rationale behind the new rating criteria, claiming it is now being unfairly disadvantaged as a not-for-profit mutual.
