S&P: St. Paul Travelers unaffected

Standard & Poor's said the announcement by St. Paul Travelers Cos. Inc. (BBB+/stable/A-2) of its planned disposition of its ownership interest in Nuveen Investments Inc. has no affect on the current ratings of St. Paul Travelers.

Pursuant to this plan, St. Paul Travelers will report its asset-management business as a discontinued operation and will recognize a tax charge of about $690 million in the first quarter of 2005, which S&P said will be partially offset by gains in subsequent quarters.

This announcement is consistent with the expectations S&P had when it affirmed the ratings on St. Paul Travelers and its various subsidiaries on Jan. 31.

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