Moody's Downgrades Royal & Sun Alliance

Moody’s Investors Service today downgraded the ratings of Royal & Sun Alliance Insurance Group (RSA) and subsidiaries. The Insurance Financial Strength Rating (IFSR) of Royal & Sun Alliance Insurance Plc was downgraded by one notch to Baa1 from A3 and its Commercial Paper rating by one notch to P-3 from P-2. At the same time, the subordinated debt rating of Royal Insurance Holdings Plc was downgraded by two notches to Ba2 from Baa3 and the subordinated debt rating of Royal & Sun Alliance Insurance Group Plc to Ba1 from Baa2.