UPDATE: S&P Sees No Rating Change for Ariel Re from C&S Sale to Arch

Standard & Poor’s Ratings Services has followed up on its analysis of its ratings for Bermuda-based Ariel Reinsurance Co. Ltd. following the announcement that it is selling its Bermuda-based business to Arrow, a unit of Goldman Sachs, and its credit and surety business, based in Zurich, to Arch Capital.

S&P said its ratings on Ariel Re, currently ‘A-‘, but on CreditWatch with negative implications, “are not affected by the sale of its credit and surety business to Arch Capital Group Ltd.”

S&P added that a “transaction of this nature was already contemplated when we placed Ariel Re on CreditWatch Negative on March 1, 2012.”

Source: Standard & Poor’s