S&P affirms Polskie Towarzystwo Reasekuracji, off watch

Standard & Poor's said it affirmed its BBB- long-term counterparty credit and insurer financial strength ratings on Polskie Towarzystwo Reasekuracji SA (PTR).

At the same time, the agency added the ratings were removed from CreditWatch with negative implications, where they were placed on Aug. 5.

The outlook is stable.

"The resolution of the CreditWatch placement follows discussions with the insurer's newly appointed CEO, Jan Durajczyk, and reflects Standard & Poor's view that PTR will continue to pursue its current strategic direction, focusing on the growth of its Commonwealth of Independent States and Central and Eastern Europe portfolios," said S&P credit analyst Tatiana Grineva.

"PTR is also expected to continue to expand its Polish business under the new management."

The agency said the stable outlook on PTR reflects its expectation that the company will continue to demonstrate its competitive advantage in the non-Polish markets by continuing its profitable growth in these regions; investments in the insurance sector will not exceed 10% of invested assets.

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