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S&P hikes Exor
S&P said it raised Exor NV’s long-term issuer and issue credit unsecured debt ratings to A- from BBB+.
“Our upgrade of Exor to A- reflects the investment holding's improved portfolio quality. Exor has almost completed its capital allocation after it sold Bermuda-based reinsurance company PartnerRe in 2022 for net proceeds of €8.6 billion,” S&P said in a press release.
The company increased its healthcare, luxury, and technology holdings while lowering its exposure to cyclical industries, such as autos and industrials.
The agency added, “We think Exor remains strongly committed to maintaining its S&P Global Ratings-adjusted loan-to-value (LTV) ratio well below 20%, supported by its financial policy. Its adjusted LTV ratio, pro forma the full capital redeployment, was about 12% as of June 30, 2023.”
The outlook is stable.
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