Ratings agency Moody's has followed rival AM Best in downgrading its rating on Danish reinsurer Copenhagen Re.
Moody's has downgraded the company's insurance financial strength rating to Caa2 from Ba2.
On Friday AM Best lowered its financial strength rating on Copenhagen Re to C-plus from B, and then withdrew its rating all together, at the request of the company.
Both agencies cited the effects of the 11 September attacks on the company and a perception that Copenhagen Re would no longer enjoy capital support from its parent, Alm Brand.
Moody's said Alm Brand had announced that its focus would be on non-life insurance, life and pension insurance and banking.
"Reinsurance was not mentioned as a core business area that will be focused on in the future," it said.
