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LONDON—Fitch Ratings Inc. on Thursday upgraded its financial ratings for Paris-based reinsurance provider SCOR S.E.
Citing SCOR's strong solvency and moderate debt in relation to its risk profile, London-based Fitch upped SCOR's long-term issuer default ratings and insurer financial strength ratings to A+ from A, the rating agency said in a ratings note. Fitch also upgraded SCOR's junior subordinated debt to A- from BBB+.
Fitch credited the upgrade to the reinsurer’s business and risk diversification, as well as its improved capital adequacy over the past three years as a result of “well-controlled underwriting practices and a cautious investment policy,” according to the statement.
The rating agency also noted that SCOR’s profitability has been volatile as a consequence of a series of costly natural catastrophes. However, Fitch said it expects SCOR to promptly adjust policy terms and conditions in order to restore profitability.