Royal & Sun Alliance (R&SA) has responded to its ratings downgrade by Moody's, claiming it does not believe it provided any information to Moody's, which could have led to the decision.
Moody's downgraded R&SA's rating to 'Baa2' from 'Baa1', citing concerns that it may have to inject capital into its US operations.
In a statement to the stock exchange, R&SA finance director Julian Hance said the company is disappointed its "delivered improvements to date are not more fully taken into account".
He added that the change in the rating "does not reflect any weakening in our position since the outlook was reviewed by Moody's, in April 2003".
