Standard & Poor's (S&P) will not change its ratings on Sirius International Insurance Corp following the downgrade of ABB Asea Brown Boveri (ABB) at the end of March, it announced yesterday.
Sirius is the wholly owned reinsurance subsidiary of ABB.
S&P director, Earl Lancaster, said: "Sirius continues to demonstrate strong stand-alone characteristics, and in our view, is not strategically important to ABB. Sirius has an extremely strong capital adequacy position, and ABB's management has recently assured Standard & Poor's of its intention to maintain superior capital levels within Sirius."
Sirius' wholly-owned subsidiary, Scandinavian Re, was placed on CreditWatch in February - S&P said its status is "expected to be resolved shortly".
