TEXT-S&P revises Jupiter Insurance otlk to positive; affirms 'A' rtg - XE

(The following statement was released by the rating agency)

July 20 -

Overview

-- Guernsey-based Jupiter Insurance Ltd. (Jupiter) qualifies as a captive insurer under Standard & Poor's methodology and as such is rated at a level commensurate with its parent, BP PLC.

-- We are therefore revising our outlook on Jupiter to positive from stable and affirming our 'A' long-term ratings on Jupiter following the same rating actions on BP.

-- The positive outlook on Jupiter reflects that on its parent.

Rating Action

On July 20, 2012, Standard & Poor's Ratings Services revised its outlook on Jupiter Insurance Ltd. to positive from stable. At the same time, we affirmed our 'A' long-term counterparty credit and insurer financial strength ratings on Jupiter.

Rationale

The ratings are based on Jupiter's status as a wholly owned captive insurer of U.K.-based oil major BP PLC (BP; A/Positive/A-1). The outlook revision and affirmation therefore follow the same rating actions on Jupiter's parent.

Outlook

The positive outlook on Jupiter reflects that on its parent.

The ratings and outlook on Jupiter will be determined by those on BP for as long as Jupiter maintains its status as a captive insurer under Standard & Poor's rating criteria.

Related Criteria And Research

-- Interactive Ratings Methodology, April 22, 2009

-- Property/Casualty Insurance Criteria: Rating Captive Insurers, April 13, 2004

-- Use Of CreditWatch And Outlooks, Sept. 14, 2009

Ratings List

Ratings Affirmed; CreditWatch/Outlook Action

To From

Jupiter Insurance Ltd.

Counterparty Credit Rating

Local Currency A/Positive/-- A/Stable/--

Financial Strength Rating

Local Currency A/Positive/-- A/Stable/--

(Bangalore Ratings Team, Hotline: +91 80 4135 5898 Debanjali.Ghosh@thomsonreuters.com, Group id: BangaloreRatings@thomsonreuters.com, Reuters Messaging: Debanjali.Ghosh.reuters.com@reuters.net)

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Source: http://www.xe.com/news/2012/07/20/2816937.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art8

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