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Munich Reinsurance Co.'s ?3.8 Bil Proposed Rights Issue Is in Line With Expectations Oct 03 Product Image

Munich Reinsurance Co.'s ?3.8 Bil Proposed Rights Issue Is in Line With Expectations Oct 03

  • Published: October 2003
  • Standard & Poors

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Abstract
LONDON (Standard & Poor's) Oct. 17, 2003--Standard & Poor's Ratings Services today commented on Germany-based global reinsurer Munich Reinsurance Co.'s (Munich Re; A+/Stable/--) proposal to raise -3.8 billion of equity capital by way of a fully underwritten rights issue during the fourth quarter of 2003. The issue, which equates to approximately 20% of adjusted shareholder funds as at June 30, 2003, will significantly improve the quantity and quality of Munich Re's capital when completed. "The capital raising underlines the very strong financial flexibility enjoyed by the group and supports Munich Re's long-term strategy," said Standard & Poor's credit analyst Stephen Searby. "It is also consistent with Standard & Poor's expectation that the group's capital adequacy ratio will be improved to...

Companies mentioned in this report are: Munich Reinsurance Co.
Action: S&P Event

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Munich Reinsurance Co.

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