Standard Casualty gets Credit Upgrade

Yahoo!Finance reports A.M. Best Co. has upgraded Standard Casualty Company’s financial strength rating to A-(Excellent) from B++ (Good) and its issuer credit rating to “a-” from “bbb”. Standard had been downgraded Sept. 17, 2010 because of the financial uncertainly of its parent company, Palm Harbor Homes. Palm Harbor and five of its subsidiaries subsequently filed for Chapter 11 reorganization November 29, 2010, but Standard was not included in the filing. Cavco Industries, Inc., bought the assets of Palm Harbor in March, 2011, and three month later acquired Standard Casualty, of Braunfels, Texas. The upgrade in ratings reflects Standard’s generally favorable operating performance. The ratings are subject to change based on the company’s long-term operating performance, capital strength, and business profile.

(Graphic credit: Standard Casualty Company)

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