A headline in last Wednesday's newspaper should have stated that Attorney's Liability Society Ltd. (ALAS) had received a "AA'' financial strength rating from Standard & Poors, not a "A'' rating.

Bermudian-based Attorneys' Liability Assurance Society Ltd and Attorneys' Liability Assurance Society Inc., A Risk Retention Group, have been given a double `A' financial strength and couterparty credit rating by Standard & Poor's.

The companies, collectively known as ALAS, had their rating based on the businesses' market leadership position in lawyers' professional liability insurance together with an improved underwriting performance for 1998 and prospective years.

According to Standard & Poor's, a top listings organisation, ALAS' strengths are somewhat offset by the challenge that the company continues to face in maintaining its top line and defending its market position in an increasingly competitive market.

The company received the same rating in 1998, and was the case last year, the outlook remains negative, which reflects Standard & Poor's continuing concern that the soft property and casualty market may eventually undermine ALAS' ability to remain profitable.

This would strain its capital base and current market position.