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Nov 2003 Munich Re, intent to win quoting agencies over, has announced the most important capital increase in its history (4.5 billion USD) to refloat its equity capital, drawn on by losses during 5 consecutive quarters. Standard and Poor's, which had downgraded the company 3 times in six months, is considering taking the “A+” rating for “long-term debt” down to an “AA” at the end of 2004.