Moody's Investors Service in New York yesterday upgraded theinsurance financial strength rating of American Re-InsuranceCompany to Aa3 from A2, citing the support of parent company Munichas the main factor driving the change.
The two-notch financial strength rating upgrade, with a one-stepboost in the senior debt rating of American Re Corporation--to A2from A3--concludes a review for possible upgrade that was initiatedon July 19, 2005, Moody's said, adding that the rating outlook isnow stable.
The rating review was prompted by the announcement of aformidable recapitalization plan at Princeton, N.J.-based AmericanRe, following a $1.6 billion reserve strengthening. Therecapitalization was funded by the group's ultimate parent, MunichReinsurance Company.
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