Standard & Poor's has confirmed its single 'A' long-term counterparty credit and insurer financial strength ratings of Royal & Sun Alliance.

The ratings agency also placed the company on CreditWatch with negative implications.

Standard & Poor's credit analyst Mark Button said: "Standard & Poor's stated that it expected the group to strengthen its capital adequacy and deliver an improvement in earnings during the second half of 2002. These expectations are key requirements for maintaining the ratings at their current level."

The CreditWatch placement reflects Standard & Poor's increased surveillance of the group's progress toward improving capital adequacy and meeting earnings expectations.

Button added: "A CreditWatch placement with negative implications does not imply a downgrade."

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