27Aug07

Press release

Group

FITCH affirms the rating of the SCOR group and upgrades the rating of Converium to “A-, stable outlook”

SCOR is pleased with the decisions by FITCH to affirm the rating of the SCOR Group and its subsidiaries at “A-, stable outlook”, to upgrade the rating of the Converium group entities to “A-, stable outlook” and to remove the two groups from “under review” status. SCOR’s rating, which had been placed under review with negative implications following the announcement of its tender offer for Converium, has been upgraded to « A-, stable outlook ».

SCOR is pleased with the decisions by FITCH to affirm the rating of the SCOR Group and its subsidiaries at “A-, stable outlook”, to upgrade the rating of the Converium group entities to “A-, stable outlook” and to remove the two groups from “under review” status.  SCOR’s rating, which had been placed under review with negative implications following the announcement of its tender offer for Converium, has been upgraded to « A-, stable outlook ». 
 
The affirmation SCOR’s rating at “A-, stable outlook” is based, according to FITCH, on an increased level of capitalisation and a moderate level of debt, the solidity of business positions and the return to profitability. 
 
The upgrade of Converium’s rating to “A-, stable outlook” demonstrates the benefits of a wide level of diversification for the new group resulting from the combination of SCOR and Converium.
 
All of the rating agencies now rank the SCOR group including Converium in the “A” category, with stable outlook.

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com