S&P upgrades Munich Re

MUNICH, Germany—Standard & Poor's Corp. has raised its rating of Munich Reinsurance Co. to AA- from A+.

S&P said the upgrade reflects "the group's major and sustained improvements in operating performance, a strong enterprise risk management framework, and increased certainty about the adequacy of Munich Re's overall reserve position," said Karin Clemens, an analyst at S&P in a statement.

S&P said it expected Munich Re to sustain strong earnings throughout the insurance and reinsurance cycle, and post a combined ratio of less than 100% for both primary and reinsurance business.