LONDON (Standard&Poor's) Sept. 24, 2008--Standard&Poor's Ratings Services said today that it upgraded its long-term counterparty credit and insurer financial strength ratings on Slovenia-based reinsurer Pozavarovalnica Sava, d.d. (Sava Re) to 'A-' from 'BBB+'. The outlook is stable. "The upgrade reflects the inclusion of one-notch government support in the ratings," said Standard&Poor's credit analyst Miroslav Petkov. "This follows our reassessment of the level of support which should be given in the ratings in respect of the Slovenian state's shareholding in Sava Re." The Slovenian Restitution Fund owns 25% plus one share of Sava Re. We expect that Sava Re will: -- Maintain its leading position in the Slovenian reinsurance market; -- Not increase its share
