A rating firm said it is keeping Odyssey Re on “rating watch negative” because the firm may face government legal action in the wake of an earnings restatement last week reducing shareholders' equity by more than $35 million after tax.

Fitch Ratings made its announcement after Odyssey Re's delayed Securities and Exchange Commission 10K filing last week for 2005.

The Stamford, Conn.-based reinsurer filed on a delayed basis in order to restate its accounting for controversial finite reinsurance transactions.

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