Travelers 2005 Annual Report Download - page 38

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•On July 14, 2005, Moody’s upgraded the insurance financial strength ratings of the legacy St. Paul,
United States Fidelity and Guaranty (USF&G) and Gulf Insurance Group to “Aa3” following the
completion of the pooling of the St. Paul and USF&G companies with the legacy Travelers
Property Casualty Pool (whose pooled companies were already rated “Aa3” for insurance financial
strength) and the merger of the Gulf Insurance Company with and into Travelers Indemnity
Company. Moody’s also affirmed the long-term and short-term ratings of The St. Paul Travelers
Companies, Inc. (senior unsecured debt at “A3,” commercial paper at Prime-2) and those of its
downstream debt-issuing subsidiaries. The ratings outlook was negative.
•On September 29, 2005, Fitch affirmed all ratings of The St. Paul Travelers Companies, Inc.,
including the “A− ” long-term issuer rating; the “A − ” rating on the Company’s senior unsecured
notes; and the “BBB+” ratings on the Company’s subordinated notes and capital securities.
Additionally, Fitch affirmed the “AA− ” insurer financial strength (IFS) ratings on members of the
St. Paul Travelers Reinsurance Pool. The rating outlooks were stable.
•On November 17, 2005, S&P changed the debt rating outlook of The St. Paul Travelers
Companies, Inc. to “positive” from “stable.” S&P also changed the outlook of members of the
St. Paul Travelers Insurance Group to “positive” from “stable.”
•On November 21, 2005, A.M. Best assigned a debt rating of “a − ” to the $400 million senior
unsecured notes due 2015 issued by the Company in November 2005.
•On November 21, 2005, S&P assigned its “BBB+” senior debt rating to the $400 million senior
unsecured notes due 2015 issued by the Company in November 2005.
•On November 21, 2005, Fitch assigned an “A− ” debt rating to the $400 million senior unsecured
notes due 2015 issued by the Company in November 2005.
•On November 22, 2005, Moody’s assigned an “A3”debt rating to the $400 million senior unsecured
notes due 2015 issued by the Company in November 2005.
•On February 2, 2006, Fitch affirmed all ratings of the Company, including the “A− ” long-term
issuer rating, “A− ” ratings on the Company’s senior unsecured notes, and “BBB+” ratings on the
Company’s subordinated notes in capital securities. Additionally, Fitch affirmed the “AA− ” insurer
financial strength (IFS) ratings on members of the St. Paul Travelers Inter-Company Pool. The
rating outlooks are stable.