NEW YORK (Standard&Poor's) Sept. 4, 2002--Standard&Poor's Ratings Services said today that it 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) universal shelf registration after St. Paul increased the shelf by $1 billion. "In July 2002, St. Paul's $2 billion shelf was drawn down by $1.3 billion because of St. Paul's common stock offering of $413 million and equity units of $429.5 million," explained Standard&Poor's credit analyst Frederic A. Sklow. "The universal shelf's net capacity of about $683 million was amended on Aug. 22, 2002, by $1 billion, resulting in offering capacity of $1.683 billion." These debt securities will rank equally with
