On Sept. 24, 2008, Standard&Poor's Ratings Services upgraded its long-term counterparty credit and insurer financial strength ratings on Slovenia-based reinsurer Pozavarovalnica Sava, d.d. (Sava Re) to 'A-' from 'BBB+'. The outlook is stable. The upgrade reflects the inclusion of one-notch government support in the ratings. This follows Standard&Poor's reassessment of the level of support which should be given in the ratings in respect of the Slovenian state's shareholding in Sava Re. The Slovenian Restitution Fund owns 25% plus one share of Sava Re. The stable outlook reflects Standard&Poor's expectations that Sava Re will: -- Maintain its leading position in the Slovenian reinsurance market; -- Not increase its share of international reinsurance business significantly; --
