French reinsurer Scor, whose Bermuda subsidiary Commercial Risk Partners faces $100 million in losses, said yesterday that following credit downgrades it will "address all the issues raised by the rating agencies" within two weeks, Dow Jones Newswires reported yesterday.

On Wednesday Scor said a raft of unexpected losses would push it deep into the red with a likely loss of 250 million euros for the full year, compared to its previous forecast of a substantial full-year profit.

Following the profit warning Standard & Poor's cut Scor's rating to A- from single A, Fitch cut its rating to BBB from A+, while Moody Investor's Service put its ratings on review for possible downgrade.

A special review of Scor's financial status turned up a number of unexpected losses, including 100 million euros on US workers' compensation policies underwritten by Commercial Risk Partners.

Scor announced that CRP would be restructured as a result and would also reduce its underwriting as a result.

Scor said it also would take a 100 million euro loss in writing down its 0.8 percent stake in Swiss Life, the largest chunk of its 230 million euro provisions on its equity portfolio.

Other losses uncovered by the review include an expected 38 million euro losses on credit derivatives, and 70 million euros in damage caused by recent flooding in Central and Eastern Europe.

Scor's board is scheduled to decide at a meeting on Tuesday whether to seek a planned 400 million euros in new capital, or to settle for a more moderate share issue that would only compensate the new losses.