Converium reacts to S&P rating action
Swiss based reinsurer Converium, which has put its US operation into run off, said it was disappointed with Standard & Poor's decision to lower the company's ratings to BBB from A-. It added that the rating action by S&P, in conjunction with AM Best's recent downgrading, has required changes to its global business plan and that it was reviewing all options with its banks concerning the proposed share issue announced on 3 September.
Marcus Rivaldi, S&P credit analyst commented on the rating action: "The rating actions reflect Standard & Poor's view that management credibility has been impaired and concerns regarding the ConveriumOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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