S&P rates St. Paul Travelers notes A-

Standard & Poor's said it assigned its A- senior debt rating to St. Paul Travelers Cos. (A-/stable/A-2) $800 million senior unsecured note issues maturing in 2016 and 2036.

The agency said that the rating is based on the St. Paul Travelers group's very strong market position, substantially improved operating performance, very strong operating company capitalization and conservative financial leverage and coverage ratios.

S&P added that the ratings on the group also reflect its opinion that the reserving and integration issues arising from the merger of St. Paul Cos. Inc. and Travelers Property Casualty Corp. on April 1, 2004 have been successfully addressed.

Partially offsetting these strengths is the possibility of some additional adverse development of reserves associated with the premerger liabilities of the St. Paul Fire & Marine Group and the company's large exposure to asbestos claims, the agency added.

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