S&P placed all its long-term ratings, including its “A-” counterparty credit and insurer financial strength ratings, on France-based reinsurer SCOR and subsidiaries on CreditWatch with negative implications. The placement follows the reinsurer’s disappointing first quarter results, diminished business position and potential reserve strengthening down the line.
S&P will shortly meet with SCOR group management to resolve the CreditWatch placement. If, upon resolution of the CreditWatch placement, S&P decides to lower the ratings on SCOR and subsidiaries, it is not expected that they will be lowered by more than one or two notches.
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