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Munich Re hit by downgrade.
(From Insurance Day)
Byline: Adrian Ladbury
RATING agency Fitch wrecked an already bad week for the board of Munich Re late Friday when it announced a decision to downgrade the company from AA to AA+ with a negative outlook.
Fitch also downgraded a number of bond issues and debt instruments of the reinsurance company's primary insurance subsidiary Ergo to AA- from AA, which affects roughly E5.3bn ($6.35bn) of debt.
On Tuesday of last week the German company's share price slumped after it delivered a third-quarter group profit of E152m which was well below analysts' forecasts, and conceded that it would make a loss for the full year for the first time since 1906.
The decision by the agency to downgrade the company will have added to the gloom on Koniginstrasse as workers left for the weekend.
A spokeswoman told ID that two of the key issues that Fitch has focused on losses from the primary business and US reserves have to a large extent already been fixed.
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