Standard & Poor's reported that it has lowered its long-term counterparty credit and insurer financial strength ratings on Denmark-based insurer Alm Brand (AB 1792) to BBB from BBB+.
The ratings were also removed from CreditWatch, which they were placed on on 20 September 2001 after the WTC attacks. The company outlook is stable.
The ratings were then withdrawn at the company's request.
Withdrawing the ratings means that Alm is no longer subject to S&P surveillance.
An S&P spokesman commented: "The downgrade reflects AB 1792's weakened capital base and the poor operating performance of the Alm. Brand group driven by its subsidiary, The Copenhagen Reinsurance Co Ltd."
However, he added that Alm Brand had reacted decisively with changes in management and strategy and said it remained a significant player in the domestic market.
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