Standard & Poor's has announced that it will keep its long-term ratings on France-based reinsurer SCOR on CreditWatch with negative implications.

Standard & Poor's has kept its long-term ratings on France-based reinsurer SCOR on CreditWatch with negative implications.

Announcing the move, Standard & Poor's revealed it expects to improve the ratings once the outcome of SCOR's €381 million rights issue is known.

Standard & Poor's credit analyst Marcus Rivaldi said: "Although not prepared at this stage to predict the outcome of the rights issue, Standard & Poor's takes comfort from the support shown to SCOR by key strategic shareholders, who have committed themselves to supporting the rights issue, and who, in some cases, have purchased further rights.

"In addition, SCOR has been able to successfully sell the 3.7 million subscription rights attaching to treasury stock."

Topics