Article: Leucadia, Units Still S&PWatch, Developing; Colonial Penn on Watch, Positive

NEW YORK, July 3 /PRNewswire/ -- Standard & Poor's ratings on Leucadia National Corp. (Leucadia) and its insurance operating companies remain on CreditWatch with developing implications where they were placed on April 3, 1997 (see list below), however the CreditWatch implications of Colonial Penn Property/Casualty Insurance Group members are revised to positive from developing. This CreditWatch update follows the announcement that Leucadia will sell Colonial Penn Property/Casualty Insurance Group to General Electric Capital Corp. for $950 in cash, realizing a pretax gain on the sale of approximately $600 million.

Leucadia and its insurance operating ...

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