Royal & Sun ‘AA-‘ Affirmed

February 12, 2001

The long- and short-term ratings, including the “AA-” counterparty credit rating and insurer FSR, on the core operating entities of the Royal & Sun Alliance Group PLC were affirmed by S&P. The rating action came after a Jan. 18 announcement of increased storm losses and reflects the group’s excellent global market position in general insurance and robust capitalization. The outlook is negative.