Standard&Poor's Ratings Services assigned its preliminary triple-'B'–plus senior debt, triple-'B' subordinated debt, and triple-'B'-minus preferred stock ratings to St. Paul Cos. Inc.'s (St. Paul) new $2 billion universal shelf registration on June 23, 2002. The registration is the consolidation of St. Paul's $501 million of maximum aggregate offering capacity, which remained from the $1.001 billion shelf originally registered in October 2000 and amended in December 2001, plus the addition of $1.499 billion on July 16, 2002. These debt securities will rank equally with St. Paul's existing senior note obligations. The ratings assume that the use of proceeds from any future draw down will not materially increase St. Paul's financial leverage beyond current levels. Currently, St. Paul's debt-to-capital ratio
