Connie Lee gets credit from 2 German banks.

Connie Lee Insurance Co. said this week it has established a $50 million standby credit facility with two German banks, Sudwestdeutsche Landesbank Girozentrale and Westedeutsche Landesbank Girozentrale.

The limited-recourse line of credit, the first bank facility Connie Lee has established, has a seven-year term, which is renewable annually.

Standard & Poor's Corp. and Moody's Investors Service both rate Sudwestdeutsche Landesbank triple-A. Westdeutsche Bank is rated AA-plus by Standard & Poor's and Aal by Moody's.

"This credit facility increases Connie Lee's claims-paying resources and adds to the company's margin of safety," said Oliver R. Sockwell, president and chief executive officer of the firm. "It also increases our liquidity, and provides the financial resources for continued growth."

Richard Smith, managing director at Standard & Poor's, said the new facility was an "important contributor" in the improvements in Connie Lee's margin of safety. The firm's margin of safety, which measures excess capital relative to losses expected in a depression scenario, has improved to 1.8 to 1.9 times from 1.4 to 1.5 times a year ago, Smith said.

-- Aaron L. Task

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