Fitch downgrades PXRE to BBB+
Fitch Ratings has downgraded the insurer financial strength rating on PXRE's lead operating subsidiaries, PXRE Reinsurance and PXRE Reinsurance Company, to 'BBB+' from 'A-'. Additionally, Fitch has downgraded the rating on PXRE Capital Trust I's preferred securities to 'BB' from 'BB+' and has downgraded the long-term rating of PXRE Group Ltd. (PXRE) to 'BB+' from 'BBB-'. All ratings have been removed from Rating Watch Negative. The Rating Outlook is Negative.
Fitch's rating actions follow PXRE's announcement of third-quarter 2005 earnings and updated estimates for hurricane losses. Fitch's rating actions reflect its updated view of the catastrophe riskOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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