Moody's ups SCOR

Moody's Investors Service said it upgraded SCOR's insurance financial strength rating to Baa2 from Baa3, senior debt to Baa3 from Ba2 and subordinated debt to Ba2 from Ba3. The outlook is positive.

The rating agency said that the rating upgrades reflect SCOR's improving solvency and financial and operational leverage, the return to profitability during 2004, active management of discontinued business, management's strong focus on profitability and capital enhancement as embodied in the group's "Moving Forward" plan, a resilient franchise and improved financial flexibility.

SCOR includes SCOR Canada Reinsurance Co., SCOR Deutschland Reinsurance, SCOR Italia Riassicurazioni SpA, SCOR Reinsurance Co. (US) and SCOR UK Co.

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