AM Best Upgrades Credit Ratings of First Acceptance Corporation and Its Subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating (FSR) to B (Fair) from B- (Fair) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “bb” from “bb-” of the subsidiaries of First Acceptance Corporation (collectively referred to as First Acceptance) (Delaware) [OTCQX: FACO]. (See below for a detailed list of companies). Concurrently, AM Best has upgraded the Long-Term ICR to “b-” from “ccc+” of First Acceptance Corporation. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect First Acceptance’s balance sheet strength, which AM Best categorizes as adequate, as well as its marginal operating performance, limited business profile and marginal…