Standard & Poor’s has affirmed its ‘A’ long termfinancial strength rating for Scor Reinsurance Ireland with a stable outlook.
S&P has also removed all ratings on SIRI from CreditWatch with negative implications, where they were originally placed on April 27, 2011. The ‘A/A-1’ long- and short-term counterparty credit ratings on SIRI have also been removed.
The affirmation, removal of the CreditWatch placement, and the withdrawal of the counterparty credit ratings follow the provision of a guarantee from parent French reinsurer SCOR SE on SIRI’s reinsurance obligations. The guarantee is now effective and meets Standard & Poor’s criteria for guaranteed companies. The insurer financial strength rating on SIRI is based on the application of the criteria, under which S&P equalizes the rating on the issuer with that on its guarantor.
Source : S&P