S&P placed its ratings on The St. Paul Cos. Inc. and its insurance subsidiaries on CreditWatch with negative implications because of the uncertainty associated with St. Paul’s determination to seek more aggressive early resolution of certain pending asbestos and environmental-related litigation and the resulting impact on this year’s capital and earnings.
The development was disclosed in St. Paul’s Form 10-Q, which was filed on May 15. S&P plans to meet with St. Paul’s management to review the development.
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