S&P Raises Triglav Rating, Affirms Sava Re

Rating agency Standard & Poor’s has upgraded the long-term rating of insurance group Triglav by one notch, to A- from BBB+, and affirmed the existing BBB+ rating of reinsurer Sava Re, giving it a stable outlook and removing it from its negative watch list.

The rating for Triglav Group, which applies to the insurance company and its reinsurance arm Triglav Re, is based on the assumption that the group is capable of maintaining profitability and capital adequacy at high levels, the rating firm said Friday.

The stable outlook for Sava Re is based on the recent successful completion of a capital increase and the purchase of the remaining shares of insurer Zavarovalnica Maribor, the company said.

Sava re had been put on negative watch amidst concerns that the announced capital increase required for the purchase of the remaining shares of Zavarovalnica Maribor could involve some execution risk.