Mr. Coleman added, "We believe that SCOR has, over time, successfully restored its financial strength and has reduced and diversified its risk profile, and this appears evident amid the current financial turmoil. Added to this, the January reinsurance renewals indicate a positive trend in pricing adequacy, which we believe will provide further earnings momentum over the ratings horizon and will offset some of the decline in investment yields."

According to the report, SCOR's enterprise risk management program is assessed as adequate with a positive trend, S&P said, noting, "We believe SCOR has made significant progress in implementing the best practices of the predecessor companies, but key elements of the risk management structure, system of controls and risk-taking strategy have only recently been formally approved."

The report said SCOR has "reasonably withstood the current financial crisis, however, which is a positive indicator. The assessment is based on a strong risk management culture, strong or at least adequate risk controls for the group's major risks, and adequate strategic risk management."

Mr. Coleman said the ratings reflect S&P's view of SCOR's strong competitive position, strong capitalization, strong liquidity and invested asset quality, as well as its commitment to building a strong enterprise risk management program.

The outlook on all of the ratings is stable.

In May 2007 Swiss reinsurer Converium accepted a purchase offer from SCOR. Converium was downgraded in 2004 by S&P, A.M. Best and Moody's. SCOR had previously been downgraded. It was anticipated that the acquisition would enhance SCOR's market position.

According to data supplied by S&P, SCOR's ratings history since 2002:

o Oct. 21, 2002--downgraded to an "A" from an "A-plus."

o Oct. 30, 2002--downgraded to "A-minus."

o July 4, 2003, downgraded to "triple-B-plus."

o Nov. 6, 2003--downgraded to "triple-B-minus."

o Dec. 2, 2003--upgraded to "triple-B-plus"

o Aug 1, 2005--upgraded to "A-minus."

o March 13, 2009--upgraded to "A."

Looking ahead in 2009, Mr. Coleman said S&P expects SCOR to lower its combined ratio to below 99 percent, to earn a non-life return on revenue of at least 9 percent, and to maintain positive new business margins.

"We expect capital adequacy to remain at least in the 'A' range, and do not anticipate any capital raising needs except following a major catastrophic event or a series thereof," Mr. Coleman said, adding that S&P does not expect any material aggregate reserve strengthening, and it expects SCOR to "actively manage its proportional treaty portfolio should there be any increase in claims frequency or erosion of pricing adequacy in the primary markets."

S&P said it does not anticipate any upward rating movement. The ratings may be lowered if the resolution of the "outstanding material litigation issues is significantly negative to SCOR's capital position, or if there is a steep decline in the credit quality of SCOR's fixed income portfolio."