On Dec. 15, 2005, Standard&Poor's Ratings Services assigned its preliminary 'BBB+' senior debt, 'BBB' subordinated debt, 'BBB-' junior subordinated, and 'BBB-' preferred stock ratings to St. Paul Travelers Cos.' (NYSE:STA) recently filed universal shelf. The new shelf has an undesignated notional amount in accordance with the new SEC rules effective Dec. 1, 2005. At the same time, Standard&Poor's affirmed its 'BBB+' counterparty credit rating on STA. The outlook remains positive. The ratings on STA and its insurance group 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
