According to Fitch, this decision reflects "Fitch's current assessment of the impact of the coronavirus pandemic, including its economic impact, under a set of rating assumptions."
Fitch assesses "SCOR's capitalisation and leverage as very strong", both in their "rating and stress cases and versus the last two years. Fitch does not foresee a material weakening of SCOR's capital strength in the medium-term, assuming a normal level of catastrophe losses."
The agency concludes that "We expect the assumed pro-forma COVID-19 related losses to be one-off and manageable for SCOR; we expect the resulting weaker profitability to recover to a normalised ROE of around 8% by end-2021."
Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented:
"We welcome Fitch's decision to affirm SCOR's Financial Ratings. This decision, which clearly demonstrates the soundness of our strategy as a Tier 1 global reinsurer, testifies to the resilience of the Group's business model in the current pandemic crisis."