Fitch places SCOR on watch

Fitch Ratings placed SCOR Group's BBB Insurer Financial Strength (IFS) rating on Rating Watch Negative along with the long-term BBB- and short-term F3 ratings of the company.

The IFS ratings of SCOR's Commercial Risk Partners subsidiaries remain on Rating Watch evolving.

The rating actions follow the announcement of the 2003 third-quarter results, which included significant reserve strengthening. Management also intends to raise new capital.

The BBB IFS rating (on Rating Watch negative except where differently specified) applies to the following operating reinsurance company members of the SCOR Group: SCOR; SCOR Reinsurance Co. (US), General Security Indemnity Co., General Security National Insurance Co., General Security Indemnity Co. of Arizona, SCOR Life U.S. Re Insurance Co., Investors Insurance Corp., Republic-Vanguard Life Insurance Co., SCOR Canada Reinsurance Co., Commercial Risk Re-Insurance Co. (Rating Watch Evolving), Commercial Risk Reinsurance Co. Ltd. (Rating Watch Evolving), SCOR Deutschland Ruckversicherungs AG, SCOR Italia Riassicurazioni SpA, SCOR U.K. Co. Ltd., SCOR Reinsurance Asia-Pacific Pte Ltd, SCOR Reinsurance Co. (Asia) Ltd.

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