Standard & Poor's has revised its outlook on the Converium Group AG to negative from stable.
At the same time, Standard & Poor's affirmed its single-'A'-plus long-term counterparty credit and insurer financial strength ratings on Converium AG, Converium Reinsurance and Converium Rückversicherung (Deutschland) AG.
The ratings agency also affirmed its triple-'B'-plus long-term counterparty credit and senior unsecured debt ratings on Converium Holdings.
Standard & Poor's credit analyst Stephen Searby said: "The outlook revision reflects continued volatility in the capital markets and Converium's expected net premium growth in 2002, but it is not necessarily a precursor to a downgrade.
"The rating affirmation reflects Converium's strong prospective underwriting profitability and strong business position."
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