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American Re Co. Ratings Lowered to 'AA-', Off CreditWatch; Outlook Negative Nov 02
Standard & Poors, November 2002
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
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Munich Reins America Inc.,Munich Reinsurance Co.,Munich Re America Corp.,American Alternative Insurance Corp.