Ratings agency Fitch has suggested it may downgrade French reinsurer Scor's financial position if its equity raising plans are not successful.
A Fitch spokesman revealed the agency recognises the "risk" faced by the company as its attempts to achieve its objectives.
The agency indicated that if the equity raising is not a success, ratings might be downgraded further.
However a Fitch statement highlighted the reinsurer's strengths. It said: "Positive aspects supporting the current ratings include the group's position as a top 10 global reinsurance operation, the withdrawal from several business areas the group considers unlikely to produce adequate returns in the near term, the planned reduction in risk undertaken for 2003 and the expected rise in premium rates and tightening of terms and conditions on the remaining portfolio."
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