On Nov. 17 2005, Standard&Poor's Ratings Services revised its outlook on St. Paul Travelers Cos. (NYSE:STA) and the members of the St. Paul Travelers Insurance Group to positive from stable. At the same time, Standard&Poor's affirmed its 'BBB+' counterparty credit rating on St. Paul Travelers and its 'A+' counterparty credit and financial strength ratings on the operating companies. These rating actions are based on the group's very strong market position, improved operating performance, strong capitalization, and strong financial flexibility. Partially offsetting these strengths is the group's legacy of substantial reserve charges, the possibility of further such actions, some residual impact on business volume from the integration of St. Paul Cos. Inc. and Travelers Property Casualty Corp.,
