Insurance ratings agency AM Best has downgraded the financial strength rating of SCOR to reflect the company's deteriorating financial position and the erosion of its consolidated risk-based adjusted capitalisation.
AM Best downgraded the rating on the Paris-based insurer to A (Excellent) from A-plus (Superior) and removed it from under review.
It added that the rating applied to SCOR, its reinsurance and insurance subsidiaries and to its existing debt and commercial paper.
The agency said SCOR's consolidated risk-based adjusted capitalization was no longer consistent with an A-plus rating.
The group's financial position has suffered from severe losses to its commercial book and losses derived from the 11 September 2001 World Trade Center terrorist attacks.
The rating also considered SCOR's excellent business profile as a global reinsurer and experienced management team, AM Best said.
SCOR said earlier today that it expected its losses for 2001 to hit €250m (£154.3m) after large losses in the fourth quarter.
