Business Services Industry
Converium regains A-rating from S&P; With SCOR bidding to buy it, reinsurer has turned a corner.(International News)(Standard & Poor's Corp)(Converium Holding Ltd.)
Business Insurance, March, 2007
Byline: SARAH VEYSEY ZUG, Switzerland-Amid an escalating battle for ownership of Converium Holding Ltd., Standard & Poor's Corp. has upgraded its financial strength rating on the Swiss reinsurer to A- from BBB . Zug, Switzerland-based Converium, the subject of an unsolicited takeover bid from Paris-based rival SCOR S.A., said that regaining an A-level rating marked "the full completion of Converium's turn-around.'' The change to Converium's rating is the result of a long and analytical process, according to a spokeswoman for S&P, who noted that the rating had been placed under review as long ago as October.
The timing of the announcement is coincidental, she noted. S&P said in a statement that the upgrade reflects the rating agency's belief that...
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