PARIS, Dec. 19, 2001 (PRIMEZONE) -- In a press release issued today, Standard & Poor's announced that the ratings for SCOR (NYSE:SCO) and its principal subsidiaries have been removed from CreditWatch, where they had been placed following the September 11, 2001 events. The "AA-" Financial Strength and Counterparty Credit ratings were also affirmed.
S & P indicates: "This rating action follows a review of SCOR group's prospective risk-adjusted capitalization in the light of the World Trade Center losses and subsequent industrial claims -- including the explosion of the AZF chemical plant in Toulouse -- and measures taken by management to make the most of next year's significant rate increases in traditional property-casualty reinsurance and industrial risks while maintaining capital at a level consistent with a AA category rating."
SCOR is pleased to note that its capacity to take full advantage of the reinsurance cycle upturn has thus been acknowledged.
With 30 offices around the world, serving clients in over 150 countries, SCOR is France's largest reinsurer and one of the world industry leaders. Through its ability to provide innovative technical and service support, the SCOR Group has built up a well balanced portfolio of Property and Casualty, Life, Accident & Health and Specialty reinsurance products and services. The Group's ratings, which include AA from Fitch, A+ (Superior) from AM Best and AA- from Standard & Poor's, reflect its financial strength and underwriting expertise. SCOR shares, which belong to the SBF 120, Bloomberg European Insurance, NEXT 150 and Dow Jones STOXX indexes, are listed in Paris and New York. SCOR has a widely diversified international shareholder base, with more than 30,000 shareholders in 55 countries.