S&P ups Thai Reinsurance to BBB+

Standard & Poor's said it upgraded the long-term local currency counterparty credit rating and financial strength rating on Thai Reinsurance Public Co. Ltd. to BBB+ from BBB.

The outlook is stable.

S&P said the upgrade reflects the recent strengthening of Thai Re's position, through strategic restructuring, which has improved underlying technical performance, as well as strengthened the balance sheet. This will support the reinsurer through the current softening cycle.

The company recently completed a restructuring of its business, which further enhanced the reinsurer's focus on targeted business lines and improved its major loss frequency and severity experience in 2003 and in the first half of 2004, according to S&P.

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