Moody's Investors Services is continuing its review for possible downgrade of the ratings of St Paul Companies Inc. It will conclude the rating review during the third quarter of 2002.
St Paul currently carries Aa3 insurance financial strength ratings, A2 senior and A3 subordinated debt ratings and a Prime-1 short-term debt rating.
Moody's noted that difficult and volatile conditions in the equity markets, together with issues that have hurt valuations in the property and casualty insurance and reinsurance sector, have constrained St Paul's progress in
moving forward with the divestiture.
