Any one have any suggestions for this condition? is the Converter Shot? Is the Engine Collant Temp Sensor being bad to cause this condition as I have read as being a possibility? Any help would be appriciated.

2001 S40

Seems to be running fine no noises etc.

P0420 is definitely a bad converter. I have had this problem on other cars, when the converter is bad the CO2 levels are too high and it causes the P0420 code to be set. I believe the definition is something like catalyst below threshold or something like that. It simply means it's not doing its job.

I read somewhere else don't remember where that a coolant temp. sensor can cause both codes to be triggered.