Standard & Poor’s announced that it has removed Bermuda-based PartnerRe from its CreditWatch, and has affirmed the company’s single-’A'-plus counterparty credit and single-’A'-minus preferred stock ratings, and the double-’A’ financial strength ratings of its operating subsidiaries.
S&P, which had placed PartnerRe on CreditWatch with negative implications after it announced that it estimated net losses of between $375 and $400 million following the Sept.11 attacks, noted that the company has recently filed a shelf registration pursuant to its plan to issue $350 million worth of securities by the end of the year to strengthen its capital base (See IJ Website, Oct. 29)
“The issuance is expected to return the company’s capital adequacy ratio (CAR) to more than 165% by year-end 2001,” said S&P’s announcement. “This commitment reflects the importance of capital strength in PartnerRe’s market positioning as a provider of strong and consistent reinsurance capacity and the willingness to take appropriate steps within management’s resources to support the maintenance of capital adequacy at this rating level.”|”snp, reaffirms, partnerre, ratings,, off, creditwatch
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