S&P affirms Exor’s debt not relevant in PartnerRe battle

Standard & Poor’s (S&P) has affirmed that Exor’s rating and the ratings of its investee companies are independent of one another.

In a statement, the Italian investment company added that it will begin meeting with PartnerRe investors, analysts and preferred shareholders to correct misleading statements by PartnerRe.

Previously, Bermuda-based PartnerRe had argued that the additional debt taken on by Exor as part of the transaction would pose a “considerable risk that the rating of [PartnerRe] preferred shares would be downgraded upon sale to Exor.”

In a statement, the Italian investment company said that S&P had affirmed that, as an investment holding company, Exor’s rating and the ratings of its investee companies are independent of one another.

“The PartnerRe board has approved an inferior transaction in the form of the proposed Axis amalgamation, which it continues to support by deliberately providing its shareholders with misleading and incorrect information as a scare tactic to lure votes for the Axis transaction,” said Exor.

“Exor calls on PartnerRe to cease misrepresenting facts and to provide shareholders with accurate information. This will allow shareholders to act in their best interest and vote against the Axis transaction with confidence.”