STANDARD & POORS ASSIGNED INTERNATIONAL RATING OF ‘BB-‘ TO UNITY RE

On 04 September 2008, Standard & Poors assigned its ‘BB-‘ long 
term counterparty credit and insurer financial strength ratings and its 
‘ruAA-‘ Russian national scale rating with stable outlook to Unity Re.

Standard & Poor’s outlines Unity Re’s good capitalization and quality
of fixed-income investments. Applicable stable outlook reflects S&P’s
expectation that Unity Re will preserve its competitive position,
maintain a good level of capital adequacy and investment portfolio
quality.

This new international rating is the second one obtained by Unity Re
this year: earlier, in April 2008, Moody’s Investors Service assigned to
the reinsurer international financial strength ratings ‘B1’ and national
scale rating A2.ru, outlook stable.

Svetlana Shekhovtsova, Managing director of Unity Re: “We are very
much pleased to return to the cooperation with such a respectable
financial sector rating agency as Standard & Poor’s after two years of
an un-rating gap. Since 2005, when we were one the first national
reinsurers assigned an S&P international rating, Unity Re has passed
a long and challenging way of market development, having conquered
and strengthened a stable leading position in the Russian reinsurance
market. We are delighted that all positive, both qualitative and
quantitative, changes implemented in Unity Re for these years were
reflected in this level of assigned rating which is very high for
domestic Russian economy and financial sector. The rating was given
to Unity Re on a stand-alone basis as to a core specialist reinsurance
centre of Group RESO, so we could say that one more major step
along our middle-term strategy of development has been made”.

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Last modifeid 01/01/1970 03:00:00 AM

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