S&P Puts Polish Reinsurer PTR on CreditWatch-Negative

August 8, 2005

Standard & Poor’s Ratings Services announced that it has placed its “BBB-” long-term counterparty credit and insurer financial strength ratings on Polish reinsurer Polskie Towarzystwo Reasekuracji S.A. (PTR) on CreditWatch with negative implications.

Standard & Poor’s Ratings Services announced that it has placed its “BBB-” long-term counterparty credit and insurer financial strength ratings on Polish reinsurer Polskie Towarzystwo Reasekuracji S.A. (PTR) on CreditWatch with negative implications.

“The CreditWatch placement follows the decision by the Polish Insurance and Pension Funds Supervisory Commission not to approve the continuing appointments of Mr. Krzysztof Jarmuszczak as the CEO of PTR and of Mr. Roman Fulneczek as a member of the management board (two of the three members of the executive management team),” said the bulletin.

“The CreditWatch status reflects concerns over the possibility of a change in the company’s small management board, and the uncertainty this raises over the future strategic direction and operating performance of PTR,” S&P noted. “We expect the CreditWatch status to be resolved in the next two months, following the extraordinary general meeting of PTR’s shareholders in September,” stated S&P credit analyst Jelena Bjelanovic.

S&P said that “upon resolution of the CreditWatch placement,” it “may decide to lower the ratings on PTR, although it is unlikely at this stage that the ratings will be lowered by more than one notch.”

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