S&P Global Ratings on May 30 placed its BBB+ financial strength rating on SCOR Brasil Resseguros SA on CreditWatch with negative implications, following a similar action earlier in the month on the ratings of the Brazilian sovereign.

In making the move, which S&P plans to review within three months, S&P noted that SCOR Brasil's financial strength rating benefits from a qualifying guarantee from France's SCOR SE, its ultimate parent company.

Earlier in May, the rating agency placed the BB long-term foreign and local currency sovereign credit ratings on Brazil on CreditWatch negative, and soon after did the same for the ratings on 38 financial institutions.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.