TEXT-S&P ratings - West of England

(The following statement was released by the rating agency)

Oct 02 - =============================================================================== Ratings -- West of England ---------------------------------------- 02-Oct-2012 =============================================================================== CREDIT RATING: Country: Luxembourg Local currency BBB-/Stable/-- Primary SIC: Fire, marine, and casualty insurance =============================================================================== Credit Rating History: Local currency Foreign currency 02-Oct-2012 BBB-/-- --/-- 01-Oct-2012 NR/-- --/-- 23-Jan-2012 BBpi/-- --/-- =============================================================================== Issues: Rating Rating Date Finl Strength Rtg BBB-/Stable 02-Oct-2012 ((Bangalore Ratings Team, Hotline: +91 80 4135 5898, Bhanu.priya@thomsonreuters.com, Group id: BangaloreRatings@thomsonreuters.com, Reuters Messaging: Bhanu.Priya.reuters.com@reuters.net))