Morgan Stanley Increases Ratings for St. Paul and XL Capital

May 29, 2002

Morgan Stanley raised its rating for St. Paul Cos. and XL Capital, identifying the two stocks as underpriced as the insurance market prospers with higher premium rates.

St. Paul was raised to “equal-weight” from “underweight.” XL Capital was raised to “overweight” from “equal-weight.” Chubb Corp. was downgraded to “under-weight” from “equal-weight,” because the stock has been deemed overvalued relative to its peers.

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