double A minus financial strength rating from Standard & Poor's.

At the same, time Standard & Poor's affirmed its double-`A'-minus insurer financial strength ratings on The Standard Steamship Owners P&I Assoc.

(Europe) Ltd. (SE) and The Standard Steamship Owners P&I Assoc. (Asia) Ltd.

(SA).

The ratings on SE and SA are based on explicit, guaranteed support from SB, the mutual parent. The ratings reflect SB's excellent capitalisation, very strong financial flexibility, strong business position, and strong operating performance in what has and remains a difficult environment. Partly offsetting these strengths is that SB remains of moderate size and that in the next three to five years will face increasing competitive pressures, both from fixed premium and traditional protection and indemnity (P&I) providers.