S&P Affirms AA- Rtgs on Royal Sun After Storm Losses
Thursday, January 4th, 2001 PropertyFollowing the announcement on Jan. 18, 2001, of increased storm losses, Standard & Poor‘s today affirmed its long- and short-term ratings, including its double-‘A‘-minus long-term counterparty credit and insurer financial strength ratings, on the core operating entities of the Royal & Sun Alliance Insurance Group PLC (RSA). The outlook is negative. A complete list of ratings is available on RatingsDirect, Standard & Poor‘s Web-based credit analysis system, or by calling the Standard & Poor‘s Ratings Desk in London (44) 20-7826-3540. The ratings reflect the group‘s excellent global market position in general insurance and robust capitalization. The announcement by RSA that exceptional weather-related losses will impact fourth quarter results by GBP180 million-GBP200 million ($270 million-$300 million) prolongs the company‘s below-average operating performance. Standard & Poor‘s expectation was that profitability would improve by year-end 2000.
