On July 23, 2004, Standard&Poor's Ratings Services affirmed its 'A+' counterparty credit and financial strength ratings on members of the St. Paul Intercompany pool, Travelers Intercompany pool, Travelers Casualty and Surety Co. of America, Travelers Casualty&Surety Co of Europe, and Gulf Insurance Group. At the same time, Standard&Poor's affirmed its 'BBB+' counterparty credit and senior debt ratings on St. Paul Travelers Cos. (See ratings list) The outlook is stable. The outlook remains stable following today's announcement by St Paul Travelers that it strengthened its net reserves by about $1.6 billion on a pretax basis in the second quarter of 2004. The reserve strengthening is attributable to merger related conforming adjustments as well as other
