Standard & Poor's this morning removed State Fund from its credit watch but then lowered it's rating from triple B plus to double B plus. The combination of the two is essentially a non-event.State Fund does not require a rating in order to do business and has decided to decline to be rated. S & P subsequently withdrew their rating.S & P prior to the rating withdrawal expressed concern concerning the adequacy of State Fund's reserves despite a complete bill of health from the Califo
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