Standard & Poor's Rating Service has lowered the financial strength rating of Hamilton, Bermuda-based PXRE Group, Ltd., after the company reported a $446.5 million loss for the fourth quarter of 2005.
S&P lowered the financial strength and counterparty credit ratings of PXRE Reinsurance Ltd. and U.S.-based PXRE Reinsurance to "triple-B-minus" from "triple-B-plus." The rating agency also lowered the counterparty credit ratings on holding companies PXRE Group Ltd. and PXRE Corp. to "double-B-minus" from "double-B-plus."
S&P said all of these ratings remain on credit watch with negative implications.
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