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Article: A.M. Best Downgrades Financial Strength and Debt Ratings of Hannover Re.
- Article from:
- Business Wire
- Article date:
- October 30, 2003
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Business Editors
OLDWICK, N.J.--(BUSINESS WIRE)--Oct. 30, 2003
A.M. Best Co. has downgraded the financial strength rating of Hannover Rueckversicherung AG (Hannover Re) (Germany) and its core subsidiaries to A (excellent) from A+ (superior). Concurrently, A.M. Best has downgraded the ratings to "bbb+" from "a" on the USD 400 million subordinated debt issued by Hannover Finance Inc due March 2029, and the EUR 350 million subordinated debt issued by Hannover Finance S.A due March 2031 (both issues guaranteed by Hannover Re). The ratings have been removed from under review with negative implications, where the company was placed in April 2003. The outlook ...