Standard & Poor's followed Moody's in taking a gloomy view of Royal & SunAlliance.
The rating agency revised downwards its outlook on various of the group's entities to negative from developing.
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Standard & Poor's followed Moody's in taking a gloomy view of Royal & SunAlliance.
The rating agency revised downwards its outlook on various of the group's entities to negative from developing.
S&P did, however, stick with its previous insurer financial strength ratings.
S&P credit analyst Rowena Potter said its concerns focussed mainly on US operations which could prevent the group restoring A-grade capital adequacy by 2004.
"The outlook revision reflects Standard & Poor's concerns that the group may not achieve the necessary recovery in operating performance or fully deliver on the group restructuring and capital release programme," she said.
Fellow ratings agency Moody's last week downgraded R&SA's credit rating by one notch.
