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ERGO Versicherungsgruppe AG Dec 07
Standard & Poors, December 2007
Financial leverage and fixed-charge coverage ratios to remain comfortably in line with the rating Good liquidity Sustained core status to Munich Reinsurance Co. High dependence on profit transfers from regulated primary insurance entities. The counterparty credit rating on ERGO Versicherungsgruppe AG (ERGO AG) reflects its position as the holding company of the Germany-based primary insurance group, ERGO (core operating entities rated AA-/Stable/--). ERGO, in turn, is a core part of Munich Reinsurance Co. (Munich Re; AA-/Stable/--). The rating on ERGO AG is supported by financial leverage and interest and fixed-charge coverage that are expected to remain well in line with the rating, good liquidity, and the steady improvement in ERGO's operating performance. The key factor constraining the ratings is the...
Companies mentioned in this report are: ERGO Versicherungsgruppe AG,Munich Reinsurance Co.
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: Full Analysis
ERGO Versicherungsgruppe AG,Munich Reinsurance Co.