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Associated Press
23-05-2025
- Business
- Associated Press
AM Best Places Credit Ratings of Gulf Guaranty Life Insurance Company Under Review With Developing Implications
OLDWICK, N.J.--(BUSINESS WIRE)--May 23, 2025-- AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb' (Good) of Gulf Guaranty Life Insurance Company (Gulf Guaranty Life) (Flowood, MS). The Credit Ratings (ratings) reflect Gulf Guaranty Life's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). Gulf Guaranty Life was sold to Acturion, LLC in March of 2025. AM Best has placed these ratings under review with developing implications pending completion of its discussions with the new owners of Gulf Guaranty Life as to the direction of the company's balance sheet strength, operating performance, profile and ERM. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best'sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please viewGuide to Proper Use of Best's Ratings & © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Igor Bass Senior Financial Analyst +1 908 882 1646 [email protected] Kate Steffanelli Associate Director +1 908 882 2337 [email protected] Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Al Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE SOURCE: AM Best Copyright Business Wire 2025. PUB: 05/23/2025 11:23 AM/DISC: 05/23/2025 11:22 AM
South China Morning Post
23-05-2025
- Business
- South China Morning Post
For central bankers, gold's safe-haven status has never looked better
Wall Street pundits and investors are schizophrenic about US assets . The dollar weakened after Moody's cut the United States' credit rating, citing the increasing fiscal deficit , as well as the rising interest costs on government debt. On the other hand, the S&P 500 not only recovered after US President Donald Trump's April tariff shock , but is now less than 5 per cent off its record high in February. Nevertheless, 30-year US Treasury yields recently exceeded 5 per cent per annum, indicating investors' nervousness about US deficits and debt sustainability. While Financial Times columnist Martin Wolf worries about Trump's assault on the US dollar, he and others argue that there is no suitable alternative to the dollar. I beg to disagree. Wolf listed some alternatives, such as replacing the US dollar with the Chinese renminbi or the euro, a world with multiple competing currencies or continuing the dollar status quo. Wolf also mentioned the possibility of a global currency or even a cryptocurrency-based world, but dismissed both as inconceivable. I agree that fiat currencies are not serious alternatives to the dollar, since the euro is a weak second; the Japanese yen and renminbi are not even close contenders. A global currency, perhaps based on the International Monetary Fund's special drawing rights , is a pipe dream. Rival powers are unable to agree on a global central bank. The US has a de facto veto on any IMF reforms that would allow for expanded special drawing rights. And even though cryptocurrencies have reportedly reached US$1.5 trillion in market value and bitcoin rose above US$100,000 after the tariff shock, most people would not be able to access cryptocurrencies if a world war breaks out and internet cables are cut. If we cannot trust human governance of any monetary system, the only other historically safe store of value is gold.
Bloomberg
21-05-2025
- Business
- Bloomberg
Risks Mount for US Financial Assets as Treasuries Teeter
The 30-year Treasury yield was firmly above 5% the last time I looked, at the highest since 2023 after a weak auction of 20-year debt. I am now officially worried about US bonds. Just last week, I was saying the downside risk from the tariff and economic picture hurts equities more than bonds. But the downgrade of the US credit rating by Moody's Ratings and the high-deficit budget being crafted in Congress have changed my view.
Associated Press
19-05-2025
- Business
- Associated Press
How major US stock indexes fared Monday, 5/19/2025
U.S. stocks, bonds and the value of the U.S. dollar drifted Monday following the latest reminder that the U.S government seems to be hurtling toward an unsustainable mountain of debt. Moody's Ratings became the last of the three major credit-rating agencies to say the U.S. federal government no longer deserves a top-tier 'Aaa' rating. The S&P 500 edged up 0.1%. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq was little changed. In the bond market, the 30-year Treasury yield briefly jumped above 5% before calming a bit. The issues Moody's cited in its downgrade are all well known among investors. On Monday: The S&P 500 rose 5.22 points, or 0.1%, to 5,963.60. The Dow Jones Industrial Average rose 137.33 points, or 0.3%, to 42,792.07. The Nasdaq composite rose 4.36 points, or less than 0.1%, to 19,215.46. The Russell 2000 index of smaller companies fell 8.82 points, or 0.4%, to 2,104.43. For the year: The S&P 500 is up 81.97 points, or 1.4%. The Dow is up 247.85 points, or 0.6%. The Nasdaq is down 95.33, or 0.5%. The Russell 2000 is down 125.72 points, or 5.6%.
Bloomberg
19-05-2025
- Business
- Bloomberg
‘Sell America' Fears Emerge After Moody's Downgrades US Debt
White House National Economic Council Director Kevin Hassett criticized Moody's Ratings over its decision to lower the US credit rating, calling the move backward-looking and saying the Trump administration is committed to lowering federal spending. 'Make no mistake, the US debt is the safest bet on Earth. There's no country that I'd rather have than the United States and so Moody's can do what it wants to,' Hassett said in an interview Monday morning on Fox Business Network. Hassett's comments follow the decision by the credit rater late Friday to downgrade the US to Aa1 from Aaa, raising doubts about the nation's status as the world's highest-quality sovereign borrower and highlighting Wall Street's worries about the nation's fiscal health. Dean Curnutt, Founder and CEO of Macro Risk Advisors, discusses the implications of the US debt downgrade for investors. Dean speaks with Tom Keene and Paul Sweeney on Bloomberg Radio. (Source: Bloomberg)
