SCOR: Fitch upgrades SCOR's rating to "AA-"
(Thomson Reuters ONE) -
Press Release
21 July 2015 - N° 20
Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 76 10
mbouchon(at)scor.com
Bertrand Bougon
Head of Investor Relations
& Rating Agencies
+33 (0)1 58 44 71 68
bbougon(at)scor.com
www.scor.com
Twitter: (at)SCOR_SE
Fitch upgrades SCOR's rating to "AA-"
Fitch Ratings has upgraded SCOR's Insurer Financial Strength (IFS) rating to
'AA- stable outlook' from 'A+ positive outlook' and affirmed the Long-Term
Issuer Default Rating (IDR) at 'A+'.
Fitch notably mentions having taken into account "the development of SCOR's
reinsurance franchise, the scale and diversity of which have improved
significantly through external growth and swift integration of acquired
operations, helping to generate a more stable level of profitability". The
rating agency also notes "the level of capitalisation that Fitch considers to be
very strong" as well as "a consistent and prudent reserving philosophy".
With regard to SCOR Global P&C, Fitch highlights that "in addition to
diversification, a lower risk appetite for and exposure to catastrophe business
are expected to protect the reinsurer from the worst of any protracted period of
price softening".
With regard to SCOR Global Life, Fitch supports the "successful management of
the in-force book coupled with continued organic growth, which are viewed as key
to the division increasing its contribution to group profitability".
When it comes to SCOR's investment strategy, Fitch stresses that "SCOR continues
to pursue a conservative investment strategy focused on a tightly defined
allocation to generally highly liquid assets, and gradually lengthening asset
duration".
Denis Kessler, Chairman and CEO of SCOR, comments: "The upgrade of our rating by
Fitch to AA- recognizes the relevance of the strategy adopted by the Group. SCOR
pursues two targets: profitability and solvency. This upgrade reflects the
deepening of SCOR's franchise and the reinforcement of its financial position.
The rating reflects the high level of solvency of the Group and the strong
quality of its earnings. SCOR's teams are more motivated than ever to provide
their clients worldwide with the Group's first-class P&C and Life reinsurance
services".
The Fitch press release is available on the rating agency's website at the
following address: www.fitchratings.com
*
* *
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC)
Regulation n°809/2004 of the European Commission. Thus, any forward-.looking
statements contained in this communication should not be held as corresponding
to such profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to statements that are
predictions of or indicate future events, trends, plans or objectives, based on
certain assumptions and include any statement which does not directly relate to
a historical fact or current fact. Forward-looking statements are typically
identified by words or phrases such as, without limitation, "anticipate",
"assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may
increase" and "may fluctuate" and similar expressions or by future or
conditional verbs such as, without limitations, "will", "should", "would" and
"could." Undue reliance should not be placed on such statements, because, by
their nature, they are subject to known and unknown risks, uncertainties and
other factors, which may cause actual results, on the one hand, to differ from
any results expressed or implied by the present communication, on the other
hand.
Please refer to SCOR's Document de référence filed with the AMF on 20 March
2015 under number D.15-0181 (the "Document de référence"), for a description of
certain important factors, risks and uncertainties that may affect the business
of the SCOR Group. As a result of the extreme and unprecedented volatility and
disruption of the current global financial crisis, SCOR is exposed to
significant financial, capital market and other risks, including movements in
interest rates, credit spreads, equity prices, and currency movements, changes
in rating agency policies or practices, and the lowering or loss of financial
strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and
interpretations issued and approved by the European Union. This financial
information does not constitute a set of financial statements for an interim
period as defined by IAS 34 "Interim Financial Reporting". The Group's financial
information is prepared on the basis of IFRS and interpretations issued and
approved by the European Union. This financial information does not constitute a
set of financial statements for an interim period as defined by IAS 34 "Interim
Financial Reporting".
SCOR PRESS RELEASE:
http://hugin.info/143549/R/1940289/700649.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Scor via GlobeNewswire
[HUG#1940289]
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Datum: 21.07.2015 - 23:35 Uhr
Sprache: Deutsch
News-ID 408292
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