Standard & Poor's Ratings Services has lowered to 'A+' from 'AA-' its long-term counter-party credit and insurer financial strength ratings on the core operating entities of the French credit insurance group Euler Hermes.
At the same time, the short-term counter-party credit rating on Hermes Kreditversicherungs-AG was lowered to 'A-1' from 'A-1+'. The outlook is stable.
The ratings actions follow the downgrade of Euler Hermes' ultimate parent company, the German group Allianz AG to 'AA-' from 'AA'.
In addition, the financial strength rating on EULER International was withdrawn at the company's request. EULER International is now in run-off and its previous book of business has been re-underwritten by local Euler Hermes companies.
