S&P rates SCOR convertibles

Standard & Poor's said it assigned its BBB+ long-term senior unsecured debt rating to the 4.125% convertible and/or exchangeable securities in the Oceane structure to be issued by SCOR (BBB+/stable/A-2). The issue, due in 2010, is expected to raise up to €200 million.

S&P said the ratings on SCOR reflect its good competitive position, despite recent financial difficulties; good prospective capital adequacy, assisted by reducing reserve risks; and expectations of a strong improvement in operating performance during 2004.

The securities can be converted and/or exchanged into new or existing SCOR ordinary shares at the discretion of noteholders, if they decide to exercise conversion or exchange rights, between July 2, 2004 and the seventh business day preceding the issue's scheduled redemption date of Jan. 1, 2010.

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