Fitch Ratings has upgraded SCOR to Insurer Financial Strength (IFS) 'BBB+' from 'BBB'. At the same time, the agency has upgraded the ratings of SCOR SA, the group's head company, to Long-term 'BBB' from 'BBB-' (BBB minus). The Short-term rating of 'F3' has been affirmed. The rating Outlook remains Stable.
Fitch said the upgrades reflect further improvement in the group's business position and capital adequacy relative to its risk profile.
However, despite further recovery in the group's financial strength, Fitch notes that SCOR's profitability remains under pressure.
