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PARIS—Standard & Poor’s Ratings Services has raised SCOR S.E.’s insurer financial strength ratings and long-term counterparty credit ratings to A+ from A, S&P announced Monday.
In a statement detailing the move, S&P said it believes SCOR “has improved its financial profile” even after it had acquired Transamerica Re’s business from Aegon N.V. in August. “In addition, we believe Transamerica Re will give SCOR greater business and geographic diversification.”
S&P also said it views SCOR’s investment strategy as “very strong” and that SCOR has a low credit risk, given that it has no exposure to Southern European sovereign bonds.
The change affects SCOR and its subsidiaries. S&P said the outlook for SCOR is stable.
Fitch Ratings Inc. similarly upgraded SCOR’s ratings in March.
LONDON—Fitch Ratings Inc. on Thursday upgraded its financial ratings for Paris-based reinsurance provider SCOR S.E.