Standard & Poor's Rating Services has cut the rating of Everest Re to "A-plus" from "double-A-minus."
S&P's New York office, which released the announcement on Bermuda-based Everest, said the downgrade to "A-plus" affects the financial strength and counterparty credit ratings of the reinsurer's operating subsidiaries. S&P also lowered the counterparty credit ratings of the holding company to "triple-B-plus" from "A-minus."
The outlook is stable, S&P said, noting that the rating agency has removed all of these ratings from CreditWatch, where they were placed on Dec. 19, 2008 with negative implications.
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