S&P Downgrades Munich Re

Standard & Poors, in the latest bleak assessment to hit astring of reinsurers, downgraded Munich Re to “A-plus” from “doubleA-minus.”

The S&P downgrade, last week, followed Munich Reshalf-yearly results, when the company reported an after-tax loss of603 million euros ($656.1 million) due to a one-off tax charge of1.4 billion euros ($1.5 billion).

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