Reinsurer Scor has criticised the decision by ratings agency Standard and Poor's (S&P) to downgrade its rating to BBB plus from A minus.
Scor said it "regrets" S&P's move, arguing it does not reflect the "improvement in the group's financial condition following reserves booked and recapitalisation at the end of 2002" or "the impact of the recovery measures introduced since that time".
Although unusual for companies to comment on rating agency actions, the downgrade could have severe consequences for Scor's renewals, since some ceding companies exclude reinsurers rated at below A minus.
