S&P assigns A+ rating to Casiopea Re

LONDON - Standard and Poor's has assigned its "A+"counterparty credit andinsurer financial strength ratings to Casiopea Re SA, the wholly ownedLuxembourg-based reinsurance affiliate of the Spanish telecommunicationscompany, Telefonica. S&P said Casiopea Re's ratings had been stronglyinfluenced because the reinsurer has the support of a financially strongparent. It added the ratings were based on Casiopea Re's worldwidefunction as an integral part of Telefonica's overall risk managementstrategy.