LONDON, Oct. 20 (Reuters)—European insurers can withstand more losses on their Greek sovereign debt, as well as potential defaults by Ireland and Portugal, credit rating agency Moody's said on Thursday.
Most European insurers have low exposure to the economies and sovereign debt of the eurozone's indebted peripheral nations, and would suffer only a “minimal impact” if their creditworthiness deteriorated further, Moody's said in a report.
“We believe that a theoretical default scenario in the case of Portugal and Ireland, or a further debt writedown or restructuring in the case of Greece, would not have a direct material impact on rated European insurers' financial positions,” said Moody's analyst Benjamin Serra.
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