Meanwhile, one of the more interesting developments for XL has been its joint venture with Les Mutuelles du Mans Assurances Group of France to form a new French reinsurance company, Le Mans Re, which will be headquartered in the fabled French Grand Prix town of Le Mans.
Ratings Lowered, Off Watch; Weak Performance, Refinancing Risk Cited -- Gerling-Konzern Allgemeine Long-Term Ratings Raised to 'BBB-'; Remains on CreditWatch Positive -- Petroleos de Venezuela and Units Ratings Raised: Outlook Stable FINANCIAL SERVICES RATINGS -- Financial Strength, Counterparty Ratings on Les Mutuelles du Mans Assurances IARD Affirmed 'A-'; Outlook Negative -- Deutsche Bank Reports Improved Second-Quarter 2003 Pretax Profit of ?
Ratings Lowered, Off Watch; Weak Performance, Refinancing Risk Cited -- Petroleos de Venezuela and Units Ratings Raised: Outlook Stable FINANCIAL SERVICES RATINGS -- Spanish Reinsurer Nacional de Reaseguros 'A' Ratings Affirmed After Review; Outlook Stable -- WestLB AG and Related Entities LT Ratings Lowered One Notch; ST Ratings Affirmed; Outlook Negative -- Financial Strength, Counterparty Ratings on Les Mutuelles du Mans Assurances IARD Affirmed 'A-'; Outlook Negative -- Deutsche Bank Reports Improved Second-Quarter 2003 Pretax Profit of EUR1.
1 Billion -- Outlook on CORES Revised to Positive Following Spain Upgrade; 'AA+/A-1+' Ratings Affirmed -- New Telecom Italia SpA Rated BBB+/Stable/A-2 Upon Completion of Merger With Olivetti SpA FINANCIAL SERVICES RATINGS -- Financial Strength, Counterparty Ratings on Les Mutuelles du Mans Assurances IARD Affirmed 'A-'; Outlook Negative -- Deutsche Bank Reports Improved Second-Quarter 2003 Pretax Profit of EUR1.
1, 2003 Standard & Poor's--Standard & Poor's Ratings Services said today that it had affirmed its 'A-' insurer financial strength and long-term counterparty credit ratings on France-based property-casualty insurer Les Mutuelles du Mans Assurances IARD (MMA), the parent and largest operating entity of the MMA group.
Ratings Lowered, Off Watch; Weak Performance, Refinancing Risk Cited -- Gerling-Konzern Allgemeine Long-Term Ratings Raised to 'BBB-'; Remains on CreditWatch Positive -- Petroleos de Venezuela and Units Ratings Raised: Outlook Stable FINANCIAL SERVICES RATINGS -- Financial Strength, Counterparty Ratings on Les Mutuelles du Mans Assurances IARD Affirmed 'A-'; Outlook Negative -- Deutsche Bank Reports Improved Second-Quarter 2003 Pretax Profit of EUR1.
