Moody’s affirms RenRe ratings
Moody's Investors Service has affirmed the A1 insurance financial strength rating of Renaissance Reinsurance and the debt ratings of RenaissanceRe Holdings (senior unsecured at A3, subordinated debt at Baa1, preferred stock at Baa2, including its shelf registrations), RenaissanceRe Capital Trust (capital securities at Baa1) and RenaissanceRe Capital Trust II (capital securities at (P)Baa1), following the company's announcement earlier this week of a restatement of earnings for the years 2001-2003 and for the first three quarters of 2004. The outlook on all of these ratings, however, has been revised to negative, from stable.
According to Moody's, the rating affirmation is based on the view that the earnings restatements do not materially impact the group's overall financial and risk profile, that they are limited to aOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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