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Odyssey Re Holdings Corp. reported that S&P has upgraded the rating of Odyssey America Reinsurance Corporation and its subsidiaries, Odyssey Reinsurance Corporation and Hudson Insurance Co. to “A-.” In upgrading the rating, S&P noted that it expects that Odyssey Re, because of management’s past reserve actions and limited writings during a soft market in the mid-to-late ’90s, will escape the reserve issues which many companies are now experiencing.