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S&P’s lowered its counterparty credit and financial strength ratings on Harbor Insurance Co. (Harbor) to “Bpi” from “Bbpi.” According to an S&P’s analyst, “Harbor’s decline in capitalization and increasing leverage in 2002, weaker liquidity, and limited operating scope,” influenced the ratings action.

Based in Tulsa, Okla., Harbor writes mainly private passenger auto in Oklahoma. Its products are distributed primarily through independent agents. Harbor, which began business in 1993, is licensed in only Oklahoma.