A.M. Best Co. downgraded the financial strength rating to “B (Fair)” from “A-minus (Excellent)” and issuer credit rating to “bb” from “a-minus” of Lehman Re Limited of Hamilton, Bermuda. The outlook for both ratings is negative.

Lehman Re is a wholly owned reinsurance subsidiary of Lehman Brothers Holding Inc. that filed for Chapter 11 bankruptcy protection yesterday. The Oldwick, N.J.-based insurance rating service said the bankruptcy action prompted the rating action.

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