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Fitch Downgrades St. Paul Debt to 'BBB'; Changes Rating Watch to Positive.
Business Editors
CHICAGO--(BUSINESS WIRE)--Jan. 30, 2004
Fitch Ratings has downgraded the long-term and senior debt ratings on The St. Paul Companies, Inc. (SPC) to 'BBB' from 'BBB+' (see complete ratings listed below) and has concurrently changed its Rating Watch status to Positive from Evolving.
Fitch's rating action follows its review of SPC's fourth quarter earnings which included approximately $525 million of adverse reserve development and other charges in the company's discontinued lines of business.
In November 2003, Fitch had placed its ratings on SPC on Rating Watch Positive following the company's announcement that it intends to merge with Travelers Property Casualty Corp. (TAP) in a transaction that is expected to close in the second quarter 2004.
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