A.M. Best Co. has downgraded the financial strength rating (FSR) and issuer credit rating (ICR) of Lehman Re Limited for the second time in a week, due to the status of its parent company, Lehman Brothers Holding Inc.

Last week, the rating agency lowered the Hamilton, Bermuda-based reinsurer’s FSR to “A-minus” from “A” and ICR to “a-minus” from “a.” Now A.M. Best announced it has lowered the FSR again to “B” and the ICR to “bb.” The outlook for both ratings remains negative.

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