Slow Turnaround For Europeans International Editor
A ratings analyst in London equated the situation in the European insurance and reinsurance sector to supertankers that are being slowly turned around.
That sentiment was reflected in recent downgrades. One was by Moodys Investors Service of Royal & SunAlliance and subsidiaries–by one notch to “Baa2″ from “Baa1″. The other came from Standard & Poors, which lowered long-term counterparty credit and insurer financial strength ratings on the Paris-based reinsurer SCOR and its subsidiaries to “triple-B-plus” from “A-minus.”
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