Document summary
While recent history shows that natural catastrophes may have not been a major rating factor on corporate credit
quality in the past, their effect in the future may increase considerably if, as scientific evidence suggests, we experience
more frequent and extreme climatic events. If such extreme events were to occur, companies' existing insurance and
overall disaster risk management measures could, in Standard & Poor's Ratings Services' opinion, become
considerably less effective. Therefore, improvements in companies' disclosure about their exposure to natural
catastrophes is becoming more relevant to Standard & Poor's ratings analysis.