S&P Downgrades Munich Re
Standard & Poors, in the latest bleak assessment to hit a string of reinsurers, downgraded Munich Re to “A-plus” from “double A-minus.”
The S&P downgrade, last week, followed Munich Res half-yearly results, when the company reported an after-tax loss of 603 million euros ($656.1 million) due to a one-off tax charge of 1.4 billion euros ($1.5 billion).
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