S&P Withdraws Ratings of Atradius Subs Following Consolidation

October 21, 2005

Standard & Poor’s Ratings Services announced that it has withdrawn its “A” long-term counterparty credit and insurer financial strength ratings on German-based insurer Atradius Kreditversicherung AG and Luxembourg-based reinsurer Atradius Re S.A., at the request of management. S&P also withdrew its “A-1” short-term counterparty credit rating on Atradius Kreditversicherung AG.

The rating agency indicated that the “ratings withdrawal follows the decision made by the Atradius group (Atradius; main operating subsidiaries are rated A/Stable/–) at the end of 2002 to transfer all insurance activities into a single European risk carrier, Netherlands-based Atradius Credit Insurance N.V. (formerly Nederlandsche Crediet Mij N.V.; A/Stable/A-1) over the course of several years, subject to meeting regulatory requirements for business transfer and closure of legal entities.

“Accordingly, during the course of 2005, the assets, liabilities, and renewal rights of Atradius Kreditversicherung AG have been transferred to Atradius Credit Insurance N.V. As part of the same optimization strategy, the assets, liabilities, and renewal rights of Atradius Re S.A. have been transferred to Ireland-based Atradius Reinsurance Ltd. (A/Stable/–), the single reinsurance carrier for the group.

“These transfers will ensure continuation of the businesses. As a result, Atradius Kreditversicherung AG and Atradius Re S.A. have now been closed to new business, and will be liquidated in due course.”

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