Talanx AG Ratings Lowered to A-; Off Watch; Outlook on HDI VaG and HDI Ireland Revised to Neg Mar 02
- ID: 2025027
- March 2002
- Region: Ireland
- Standard & Poors
FRANKFURT (Standard & Poor's) March 28, 2002--Standard & Poor's said today it lowered its counterparty credit and senior unsecured debt ratings on Germany-based insurer Talanx AG to single-'A'-minus from single-'A'. The downgrade on Talanx, an intermediate holding company of Germany-based property/casualty insurer HDI Haftpflichtverband der Deutschen Industrie VaG (HDI VaG; AA-/Negative/--), reflects its status as an unregulated downstream holding company of the HDI group, and is derived not just from HDI parentage, but from the debt-servicing capabilities of Hannover Rückversicherungs AG (Hannover Re; AA/Stable/--), which is 75%-owned by Talanx. At the same time, the ratings on Talanx were removed from CreditWatch, where they were placed on Dec. 21, 2001 following the lowering of the counterparty credit and insurer financial strength...
Companies mentioned in this report are:
- Talanx AG
- Hannover Rueck SE
- HDI Haftpflichtverband der Deutschen Industrie VaG
- Hannover Reinsurance (Dublin) Ltd.
Action: Various Rating Actions
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