Standard & Poor's
upgrades ABB insurance unit

Standard & Poor's upgrades ABB Sirius to AA-

Agency cites ABB’s shift to service, knowledge-based businesses

      Zurich, Switzerland, May 10, 2000 – ABB, the global technology company, confirmed today that Standard & Poor’s has upgraded its insurer financial and counterparty credit strength ratings on ABB’s insurance subsidiary Sirius International Corp. to AA- (double-A-minus) from A+ (A-plus).

      Standard & Poor’s credited ABB’s increased focus on service and the recent acquisition of Kemper Réassurances—which more than doubles ABB’s traditional reinsurance business—with improving Sirius’ business position. The rating agency said Sirius International showed “very strong operating performance, particularly compared to its peers, and continued extremely strong capitalization.”

      The agency said Sirius International demonstrated strong underwriting skills combined with well-integrated information systems. “Sirius will continue to increase its importance to ABB, whose growing focus on non-asset-based, service orientated businesses will provide additional opportunities for Sirius,” Standard & Poor’s said.

      The ABB Group serves customers in power transmission and distribution; automation; oil, gas, and petrochemicals; building technologies; and in financial services. With novel IT applications, tailored software solutions, growing eBusiness and a fast-expanding knowledge and service base, ABB is building links to the new economy. The ABB Group employs about 165,000 people in more than 100 countries.


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    • John Fox
      ABB Corporate Communications
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      ABB Investor Relations
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