S&P rates CCR Re A-

Ratings agency Standard & Poor's has assigned a preliminary
A- rating to the new subsidiary of France's state-owned
reinsurance giant Caisse Centrale de Reassurance (CCR).
The designation puts CCR Re one notch below its parent's
unsupported group credit profile of "a".
S&P maintained a stable outlook for the subsidiary which was
spun off to underwrite all group business that is not backed by the
French state.
"The rating reflects our assumption that CCR Re will be
highly strategic to the