Standard & Poor's has announced that its 'A-' counterparty credit and insurer financial strength ratings on France-based reinsurer SCOR will remain on CreditWatch with negative implications.
Standard & Poor's credit analyst Marcus Rivaldi said: "The ratings were originally placed on CreditWatch following the unexpected announcement by SCOR on Oct. 30, 2002, that it was going to post a loss of about €250 million for 2002, which was subsequently revised to about €400 million."
S&P added that if SCOR successfully raises at least 75% of its rights issue target of euro 381m, it will affirm the counterparty credit and financial strength ratings at 'A-' but revise the outlook to negative.
A Standard & Poor's statement said: "The proposed outlook revision will occur because group management continues to be skeptically assessed, particularly with regard to its ability to control and monitor its risk portfolio."
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