Financial Services Industry
Industry: Email Alert RSS FeedFitch lowers Munich Re rating from 'AAA' to 'AA+'. (Advertisement: Insurance News).(Munich Reinsurance Co.)(Brief Article)
National Underwriter Property & Casualty-Risk & Benefits Management, November, 2002 by Wharrier, David
Fitch Ratings downgraded from 'AAA' to 'AA ' the insurer financial strength rating and the long-term issuer rating of Munich Reinsurance Company ('Munich Re'). At the same time, Fitch has downgraded the ratings of certain debt instruments of its subsidiary ERGO to 'AA' from 'AA '. The ratings have been removed from Rating Watch Negative, and the rating Outlook is Stable.
The rating action follows the Sept. 6, 2002, announcement that the ratings had been placed on Rating Watch Negative pending a review of the group's earnings outlook and capital position. As part of the review, Fitch assessed the impact of recent events on the group's capital base, including its valuation reserves. Following the review, Fitch believes the capital strength of Munich Re is...
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