American Re Co. Ratings Lowered to 'AA-', Off CreditWatch; Outlook Negative Nov 02
- ID: 2091670
- November 2002
- Region: United States
- Standard & Poors
NEW YORK (Standard & Poor's) Nov. 25, 2002--Standard & Poor's Ratings Services said today it lowered its counterparty credit and financial strength ratings on American Re-Insurance Co. and American Alternative Insurance Corp. (together American Re) to 'AA-' from 'AAA' reflecting American Re's poor operating performance in the past four years as well as Standard & Poor's reduction in the rating support accorded to American Re from its parent company, Munich Reinsurance Co. (Munich Re), under Standard & Poor's group rating methodology. Standard & Poor's also said it lowered its counterparty credit and senior debt ratings on American Re Corp., a holding company which is the immediate parent of American Re to 'A-' from 'AA'. At the same time, these companies...
Companies mentioned in this report are: Munich Reins America Inc.,Munich Reinsurance Co.,Munich Re America Corp.,American Alternative Insurance Corp.
Action: Downgraded, Off CreditWatch
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Research type: News
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