The following rating was withdrawn: AICI Capital Trust -- Preferred Securities withdrawn at C; The following ratings were lowered and will be withdrawn: American Growers Insurance Company -- Insurance financial strength to Caa2 from B2 and will be withdrawn; Acceptance Insurance Company -- Insurance financial strength to Ca from Caa1 and will be withdrawn.
Acceptance Insurance Companies, Inc. is a Council Bluffs, Iowa-based holding company whose insurance subsidiaries underwrote crop insurance. For the nine months ending 2003, the last period for which public GAAP data is available, Acceptance reported a net loss of $17.6 million and a net stockholders' deficit of $71.7 million.
New York
Ted Collins
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Paul Bauer
Analyst
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653