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PTAC's operating companies, of which PTNA is the largest, have not paid any dividends for the past three years and are unlikely to make dividend payments in the foreseeable future.
Nonprofit PTNA was founded in 1966 by the Japanese government to "raise recognition of Japanese piano pieces throughout the country and continue research of this music in depth," according to its website.
Although the Company believes that its expectations are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that the Company will enter into a definitive agreement, that the transaction will be consummated, that the transaction will be approved by the Pennsylvania Insurance Department, that the purchaser will issue new policies, that the Company will fulfill or realize any or all of the terms contemplated within the non-binding letter of intent, or that PTNA will emerge from rehabilitation in the future.
Should PTNA receive approval from the California and Florida state insurance departments to underwrite new long-term care insurance business in those states, Standard & Poor's will revise its outlook to positive," said Standard & Poor's credit analyst Neal Freedman.
Standard & Poor's had previously rated PTNA 'B' (negative outlook) since August 2006.
31, 2001, Centre will reinsure 100% of the long-term care current in-force insurance of PTNA and American Network Insurance Co.