Moody’s gives Odyssey Re stable outlook
Moody's Investors Service has revised its rating outlook for Odyssey Re Holdings, and its rated insurance operating subsidiaries (insurance financial strength rated A3) to stable from negative. The change in outlook reflects the resolution of issues surrounding the company's recent accounting restatements, the modest impact of the restatement on shareholders' equity, as well as a favorable view of the company's future profitability and business prospects.
The last rating action regarding Odyssey Re took place on March 21, 2006, when Moody's changed the rating outlook to negative from stable reflecting uncertainty associated with the delay in its 10-K
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