Subprime worry sees Scottish Re downgraded again
Rating agency AM Best has downgraded the financial strength ratings of teh primary operating insurance subsidiaries of Life reinsurer Scottish Re to B (Fair) from B+ (Good) and its issuer credit ratings (ICR) to “bb” from “bbb-” of Best also downgraded the ICR to “b-”from “bb-” and the various debt ratings of Scottish Re.
The outlook for all ratings is negative. Best said it thinks a continuing market deterioration in the subprime mortgage loan market will result in additional delinquencies and losses and that the
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