Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Shares  >  LJUBLJANA STOCK EXCHANGE, INC.  >  Pozavarovalnica Sava dd    POSR

News SummaryMost relevantAll newsSector news 

Sava Re dd : Sava Re remains on S&P's negative watch list

03/18/2013 | 04:24am US/Eastern

Monday, 18/03/2013

Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and the Financial Instruments Market Act, Sava Reinsurance Company d.d., Ljubljana, Dunajska 56, 1000 Ljubljana hereby announces the following:

The rating agency Standard and Poor's (S&P) put Sava Re on its negative watch list (BBB+) in December 2012. This was due to the acquisition of 50.99 percent in Zavarovalnica Maribor (ZM). According to S&P, Sava Re could benefit significantly from this transaction, which, however, carries an execution risk.

After its regular periodic review, S&P decided to keep Sava Reon its negative watch list (CreditWatch with negative implications). In the next three months, it intends to resolve the CreditWatch placement of the reinsurance company. By then, it anticipates that Sava Re will have executed the capital increase, which will give S&P a clearer understanding of Sava Re's ability to acquire the remaining shares in ZM from Slovenska odškodninska družba (SOD). S&P could lower Sava Re's rating by one notch if the capital increase is only partially successful or unsuccessful or if ZM's integration weakens the company's consolidated capital adequacy.

This announcement will be available on the Company's website www.sava-re.si, at least five years from the date of the announcement.

distributed by
React to this article
07/30 POZAVAROVALNICA SAVA DD : Standard & Poor's upgrades Pozavarovalnica Sara d.d. t..
07/16 POZAVAROVALNICA SAVA DD : Change in Supervisory Board Member Holding of Issuer S..
07/09 POZAVAROVALNICA SAVA DD : Pursuant to the Rules of the Ljubljana Stock Exchange,..
06/29 POZAVAROVALNICA SAVA DD : Announcement on Directors' Dealing
06/19 POZAVAROVALNICA SAVA DD : Announcement on Directors' Dealing
05/29 POZAVAROVALNICA SAVA DD : Unaudited Financial Report of the Sava Re Group and Po..
05/29 POZAVAROVALNICA SAVA DD : Pursuant to the Rules of the Ljubljana Stock Exchange,..
05/26 POZAVAROVALNICA SAVA DD : Amendment to the Financial Calendar 2015
05/26 POZAVAROVALNICA SAVA DD : Unaudited financial statements of the Sava Re Group an..
05/26 POZAVAROVALNICA SAVA DD : Announcement on Change in Sava Re Supervisory Board
Income Statement Evolution
More Financials