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Scor's ratings downgraded after weak performance

Posted On: Feb. 9, 2023 9:48 AM CST

U.S.-based Moody's Investors Service Inc. has downgraded the insurance financial strength ratings of French reinsurer Scor SE and its operating subsidiaries to "A1" from "Aa3" after a weak financial performance, UK Time News reported. Scor reported a net loss of €509 million ($547.7 million) for the first nine months of 2022. However, Moody's changed Scor's outlook to stable from negative, as it expects the group to maintain its strong position in the global property/casualty and life reinsurance sectors.