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OLDWICK, New JerseyRating agency A.M. Best Co. Inc. has downgraded the financial strength rating of Scottish Re Group Ltd. from B+ to B.
The rating actions follow Best's review of Scottish Re's short-term liquidity and collateral needs following the release of its third quarter financial statements. In a statement Best said that the Cayman Island-based life reinsurance company's liquidity and collateral position remains very tight over the near term and "tenuous" into next year.
All ratings remain under review with negative implications, the rating agency said in its statement.
Best had already downgraded Scottish Re from A- to B++ on July 31, following an announcement from the reinsurer that it expected to report a second quarter loss of approximately $130 million. In a statement at the time, Best said that it was concerned about the magnitude of the loss and the potential for further deterioration in the company's operating performance.
On November 14, 2006, Standard & Poor's Corp. downgraded Scottish Re to B+ from BBB-.