21 August 2014
For more information, please contact:
Géraldine Fontaine +33 (0) 1 58 44 75 58
Antonio Moretti +33 (0) 1 58 44 77 15
Investor Relations Director
Fitch raises to "positive" the outlook on SCOR's "A+" rating
Fitch has raised to "positive" the outlook on the 'A+' rating of SCOR SE and its main subsidiaries. This reflects, according to Fitch, "SCOR's improved profitability, strong solvency and financial leverage for its risk profile".
According to the rating agency, SCOR's ratings are also supported by "significant business and risk diversification. The ratings also take into account the group's consistent and comprehensive strategy, cautious investment policy and solid business position."
Fitch had previously upgraded SCOR SE's rating to "A+" on 15 March 2012 with a "stable outlook".
Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented: "We are delighted by Fitch's move. Given the challenges facing the reinsurance industry today, this positive step reaffirms SCOR's unique and differentiated position in the market and is a testament to our strict adherence to our twin profitability and solvency targets and strong emphasis on risk management. This recognition is also a pleasing indication of progress, coming nearly one year after the launch of our "Optimal Dynamics" strategic plan. SCOR's unbroken record of positive rating moves now extends to nine years."
The Fitch press release is available on the homepage of the rating agency's website at the following address: http://www.fitchratings.com.
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-.looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.
Please refer to SCOR's Document de référence filed with the AMF on 05 March 2014 under number D. 14-0117 (the "Document de référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting".
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Scor via Globenewswire