S&P’s Cuts Kentucky Farm Bureau Mutual Rtgs.

Standard & Poor’s has lowered its counterparty credit and financial strength ratings on Kentucky Farm Bureau Mutual Insurance Co. (Kentucky Farm Bureau) to “Api” from “Aapi.”

In addition, S&P’s lowered its counterparty credit and financial strength ratings on Kentucky Farm Bureau’s subsidiary, FB Insurance Co. (FB), to “BBBpi” from “Api.”

Kentucky Farm Bureau and FB mainly write private passenger auto liability coverage and auto physical damage, distributed primarily by direct marketing.

Headquartered in Louisville, Ky., they are licensed only in Kentucky.