S&P UPGRADES COOPER GAY ON SALE OF US BUSINESS

Standard & Poor’s has given its approval to the sale of Cooper Gay’s North American business in the form of a credit rating upgrade. The broker is now rated B with a stable outlook, up from B-, following the news last week that it had struck a deal with BB&T to buy its North American operations, including wholesale broker Swett & Crawford which merged with the UK broker six years ago. The broker’s rating was placed on creditwatch in November when it disclosed plans to sell-off the North American operations. The deal, worth $500m, also includes the disposal of Creechurch International Underwriters and MGA J H Blades.