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The “A+” counterparty credit and financial strength ratings on Legion Insurance Co., Legion Indemnity Co. and Villanova Insurance Co. were reaffirmed by Standard & Poor’s (S&P). The companies are core subsidiaries of Mutual Risk Management Ltd. (MRM). S&P concurrently downgraded its counterparty credit and subordinated debt ratings on MRM from “A-” and “BBB+” to “BBB+” and “BBB,” respectively. Moreover, S&P’s preliminary “BBB+” senior debt rating was assigned to MRM’s shelf registration. The outlook was revised to negative from stable.