Fitch upgrades PartnerRe

Fitch Ratings said it upgraded PartnerRe Ltd.'s (PRE) issuer default rating to A from A- and senior unsecured debt ratings to A- from BBB+, its subsidiary’s insurance financial strength assessment and removed all ratings from rating watch positive. The outlook is stable.

The rating boost follows PRE completing the acquisition of Covea Cooperations SA for $9.1 billion in cash, Fitch said.

“The upgrade reflects a one-notch ratings uplift due to the change in ownership to Covea. Fitch does not maintain public ratings on Covea but does internally monitor the company's consolidated credit quality, which Fitch considers to be superior to PRE's stand-alone A+ IFS assessment. As such, ownership by Covea, a larger property/casualty (P/C), health and life insurance organization, benefits PRE's ratings under a group credit approach. Fitch viewed EXOR's ownership as neutral to PRE's ratings and as less strategic than the new ownership by Covea,” the agency said in a press release.

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