05Jun12

Press release

Group

Standard & Poor’s upgrades SCOR to “A+”

Standard & Poor’s has upgraded to “A+” from “A” the insurance financial strength ratings (IFSR) and long-term counterparty credit of SCOR SE (SCOR) and various guaranteed subsidiaries. All ratings have a “stable outlook”.

Standard & Poor’s has upgraded to “A+” from “A” the insurance financial strength ratings (IFSR) and long-term counterparty credit of SCOR SE (SCOR) and various guaranteed subsidiaries. All ratings have a “stable outlook”.
 
Standard & Poor’s asserts that “the ratings reflect SCOR’s “strong” business and financial profiles […] and its “strong” capitalization, “strong” operating performance and “very strong” investments”. 
 
Standard & Poor’s further underlines that, in their view, “the acquisition of Transamerica Re’s business will give SCOR greater business and geographic diversification”. The stable outlook reflects S&P’s expectation that “SCOR will conserve its strong competitive position while maintaining strong capitalization and earnings”.
 
Denis Kessler, Chairman and Chief Executive Officer of SCOR, commented: “Standard & Poor’s decision means that all of the ratings agencies following SCOR have upgraded the Group’s ratings over the last three months. It is a tremendous achievement for our Group to have been able to receive this unanimous acknowledgement of our performances and strategy. Being upgraded in the midst of an unprecedented financial crisis is a particularly remarkable testimony to the Group’s solvency, competitive position, earnings capacity and risk management.
 
This great news will benefit our clients, shareholders and debt investors, who have placed their confidence in us for many years and can see that SCOR is now recognised as one of the highest rated reinsurers. It also provides an incentive for all of the Group’s teams to actively pursue our strategy.
 
 
 
On 15 March 2012, Fitch upgraded the rating of SCOR SE and its subsidiaries for insurer financial strength (IFS) and long-term issuer default ratings (IDRs) to “A+” with a “stable outlook”.
 
On 2 May 2012, AM Best upgraded the issuer credit ratings (ICR) of SCOR SE and its main subsidiaries to “a+”. The agency also affirmed the financial strength ratings of “A” (Excellent). All ratings have a “stable outlook”.
 
On 9 May 2012, Moody’s upgraded the insurance financial strength ratings (IFSR) of SCOR SE and various guaranteed subsidiaries to A1 from A2, and upgraded the Group’s subordinated debt rating to A3 from Baa1. All ratings have a “stable outlook”.
 
The Standard & Poor’s press release is available on the agency’s homepage at the following address: www.standardandpoors.com
 

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