Standard&Poor's removed from CreditWatch and lowered its various ratings (see list) on St Paul Cos. Inc. and its insurance subsidiaries (collectively referred to as St. Paul) on July 16, 2002. The outlook is negative. The ratings had been placed on CreditWatch on May 16, 2002, because of the uncertainty associated with St. Paul's determination to seek more aggressive early resolution of certain pending asbestos and environmental-related litigation and the resulting impact on this year's capital and earnings. Today's rating actions reflect the challenges the company continues to face in the execution of certain strategic actions, such as the Platinum Underwriters Holdings Ltd. IPO, and the level of capital of the combined operating companies, which is below the level
