This excerpt taken from the SCO 20-F filed Jan 27, 2006.
Impact of changes in the Group financial strength rating. The downgrading of SCORs financial strength ratings in 2003 affected SCORs business development during 2004 and 2003. In 2003, Standard & Poors downgraded SCORs financial strength rating from A- to BBB+. On November 6, 2003, A.M. Best Co. changed the under review status of SCORs financial strength rating of B++ (Very Good) to negative from developing and on December 1, 2004 A.M. Best Co. affirmed the financial strength rating of B++ (Very Good) of SCOR (Paris) and its core subsidiaries. On November 19, 2003, Fitch Ratings downgraded SCOR Groups major reinsurance entities Insurer Financial Strength (IFS) rating to BB+ from BBB.
In November 2004, Standard & Poors Rating Services revised its outlook on SCOR and guaranteed subsidiaries rating to positive from stable. At the same time, SCORs BBB+ ratings for insurer financial strength and senior debt were affirmed. In December 2004, A.M. Best affirmed the financial strength rating of B++ (Very Good) of SCOR (Paris) and its core subsidiaries and assigned an issuer credit rating of bbb+ to these companies. The rating on SCORs commercial paper program has been affirmed. The outlook for all these ratings has been changed to positive from stable. In December 2004, Moodys Investors Service announced that it had upgraded SCORs Insurance Financial Strength Rating to Baa2 from Baa3, Senior Debt Rating to Baa3 from Ba2 and Subordinated Debt Rating to Ba2 from Ba3. These ratings all have a positive outlook.