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.”

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