Earlier this month, Standard & Poor’s Global Ratings announced another downgrade for State Farm General Insurance Co., lowering the California company’s financial strength rating to A- in spite of a show of financial support from its parent.
In May, S&P had lowered its financial strength and issuer credit ratings of the California affiliate of State Farm Mutual Automobile Insurance Company downward by two notches—to A+ from AA— leaving the ratings on CreditWatch with negative implications.
On Aug. 4, S&P lowered the ratings two more notches—to A- from A+, this time removing the Credit Watch negative status—even though casual observers might see …