S&P Lowers Rtgs on CGU France and MMA; On Watch Neg.

A Treasure Fault of Free Boxing Videos

Business Editors
PARIS--(BUSINESS WIRE)--Standard Poor's
July 6, 2001--Standard Poor's today lowered to
single-'A' from double-'A' its counterparty credit
and insurer financial strength ratings on Abeille Assurances and its
insurer financial strength rating on CGU Courtage, the French
property/casualty operations of U.K.-based insurer CGNU PLC. The ratings
on both these entities were also placed on CreditWatch with negative
implications. At the same time, Standard Poor's placed on
CreditWatch with negative implications its double-'A'
counterparty credit and insurer financial strength ratings on Abeille
Vie, CGNU's main life insurance operating entity in France, and its
single-'A'-minus counterparty credit and insurer financial
strength ratings on French mutual group Les Mutuelles du Mans Assurances
IARD (MMA) and 51%-owned reinsurance operation Le Mans Re.
The rating actions follow the confirmation by CGNU that it has
entered preliminary discussions with MMA to establish the basis of a
partnership that would reinforce the position of CGNU in life insurance
and asset management in France and the position of MMA in domestic
property/casualty insurance. The downgrades of Abeille Assurances and
CGU Courtage reflect Standard Poor's assessment of a change
in the strategic importance of these two companies to the CGNU group. If
the current talks lead to transferring these two businesses to MMA,

these ratings could be further reduced as a result of MMA's weaker

profile. The negative CreditWatch status of Abeille Vie reflects the
uncertain impact on its capitalization, although its business position
in France would be strengthened given the CGNU group's ambitions to
develop its European life insurance businesses.
MMA's negative CreditWatch status also reflects the potential
negative impact of the transfer of CGNU's French property/casualty
businesses, as well as the increased earnings volatility coming from CGU
Courtage's commercial business at a time when MMA's operating
performance is recovering from low levels.
The CGNU companies in France together form one of the top 10
players in the domestic insurance market, with EUR4.9 billion of premium
income in 2000, of which Abeille Assurances and CGU Courtage represented
EUR1.32 billion combined.
MMA ranks fifth in the French property/casualty insurance market,
with EUR2.3 billion of nonlife premium income in 2000, while MMA Vie
reported EUR1 billion of turnover.
Standard Poor's will resolve the CreditWatch status of
all the companies when full details of the transaction -- including
funding -- are made available. --CreditWire.

RATINGS LOWERED AND PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

To From

Abeille Assurances
Counterparty credit rating A AA
Financial strength rating A AA

CGU Courtage
Financial strength rating A AA

RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

Abeille Vie
Counterparty credit rating AA
Financial strength rating AA

Les Mutuelles du Mans Assurances IARD

Counterparty credit rating A-
Financial strength rating A-

Le Mans Re
Counterparty credit rating A-
Financial strength rating A-
COPYRIGHT 2001 Business Wire

No portion of this article can be reproduced without the express written permission from the
copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.