Long-Term Ratings On Munich Reinsurance Of Africa And Munich Mauritius Reinsurance Lowered To 'A'; Outlook Stable Jan 11

Standard & Poors, January 2011

Abstract
We believe that lowering the local currency sovereign ratings on the Republic of South Africa to 'A/A-1' has increased sovereign-related risks. Although we consider Munich Reinsurance Co. of Africa Ltd. (Munich Africa) as core to its parent, the ratings are limited by the local currency sovereign rating on the Republic of South Africa. As a result, we are lowering the long-term ratings on both Munich Africa and Munich Mauritius Reinsurance Co. Ltd. to 'A' from 'A+'. The outlook is stable, reflecting the current outlook on the Republic of South Africa. LONDON (Standard & Poor's) Jan. 26, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit and insurer financial strength ratings on South Africa-based Munich Reinsurance...

Companies mentioned in this report are: Munich Reinsurance Co. of Africa Ltd.,Munich Reinsurance Co.,South Africa (Republic of)
Action: Downgraded
Action: Outlook: Stable

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 Reinsurance Co. of Africa Ltd.,Munich Reinsurance Co.,South Africa (Republic of)

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