Scor spreads widen 350bp after firm reveals €38m credit derivatives losses

Rating agency Fitch slashed Scor’s financial strength rating to BBB from A+ and placed the reinsurer on ‘watch negative’. Standard & Poor’s lowered Scor’s financial strength to A- from A yesterday, and Moody’s placed the firm on review for possible downgrade.

A credit derivatives trader at a leading dealer said there was now no protection available on Scor’s subordinate debt and he expected no senior protection to be available, even on an upfront basis, by the end of the week. Scor credit

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