S&P ups Paris RE subsidiaries

Standard & Poor's said that it raised its long-term counterparty credit and insurer financial strength ratings on the core and guaranteed operating subsidiaries of Paris RE Group, including Paris RE SA and Paris RE Switzerland Ltd., to A+ from A-.

S&P said it also removed the ratings from CreditWatch with positive implications.

The outlook is positive.

The upgrade follows the acquisition and control by PartnerRe Ltd. (A/negative) of more than 90% of the voting rights in Paris RE.

Having obtained legal and board level control of Paris RE and following the completion of a merger, S&P expects that beginning in 2010 PartnerRe is likely to integrate the Paris RE entities into the PartnerRe group.

The raised ratings reflect the strategic importance of the Paris RE subsidiaries to PartnerRe.

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