France’s SCOR Group, which recently warned that it expected to post a net loss of around 250 million Euros ($247 million) for 2002 (See IJ Website Oct. 30), responded to the actions of the various rating agencies with a statement that said it would “address all the issues raised by the ratings agencies in the two forthcoming weeks.”
Following the profit warning A.M. Best placed the ‘A’ (Excellent) financial strength rating of SCOR and its guaranteed subsidiaries under review with negative implications.
Standard & Poor’s lowered its long-term insurer financial strength and counter party credit ratings on SCOR and subsidiaries to single ‘A’ minus from single ‘A’, and placed them on CreditWatch with negative implications.
Fitch lowered SCOR’s financial strength rating from “A+” to “BBB” and maintained it on rating watch negative, while Moody’s placed SCOR’s ratings on review for possible downgrade.
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