Scor: struggling after Moody's downgrade

(CercleFinance.com) - Scor shares are one of the biggest fallers on the SBF 120 index after Moody's downgraded the reinsurance group's credit rating.


The financial rating agency lowered its financial strength rating from "Aa3" to "A1" on Friday evening, albeit with its outlook raised from "negative" to "stable".

In its press release, Moody's justified this decision by the recent deterioration of the reinsurer's profitability and by the high level of scrutiny to which it believes the new management team will be subjected by the group's shareholders, investors and customers.

According to Moody's, this situation is likely to jeopardise the success of the new strategic plan by posing an execution risk to the company's plans.

At 10.20am, Scor's shares were down 2.9% compared to a 1.2% decline for the SBF 120 index.


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