A.M. Best Company said it has downgraded the financial strength rating of Scottish Re Group Ltd. insurance subsidiaries, and given them a negative outlook based on declining subprime mortgage investments.
The Cayman Island firm's financial strength was dropped to “B” (Fair) from “B-plus” (Good) and its issuer credit ratings to “bb” from “bbb-minus.”
Oldwick, N.J.-based Best said the outlook for all ratings is negative.
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