Standard & Poor's (S&P) has affirmed its ratings on Sampo, the Finnish banking and insurance group, following the withdrawal of its bid for the Norwegian insurer, Storebrand.
The ratings agency affirmed Sampo's A long-term and A-1 short-term counterparty credit ratings. The outlook remains negative.
The BBB counterparty credit and insurer financial strength ratings on Sampo Industrial Insurance, the Dutch-based insurer the Sampo group recently agreed to sell to Hampden PLC, remain on credit watch with negative implications.
At the same time, Standard & Poor's affirmed its A-plus counterparty credit and insurer financial strength ratings on Storebrand. The outlook is negative.
Sampo abandoned its $2.23bn (£1.51bn) bid for Sampo yesterday, saying financial market turbulence meant its offer was “excessive”.
