Standard and Poor's Rating Services has downgraded Alea to BBB as a result of the sale of renewal rights by Alea London announced yesterday.
S&P said the outlook on the rating is stable.
In a statement this morning, Alea said: "Alea Europe's ability to underwrite business will be impaired by Standard and Poor's action."
Alea said that it is in discussions with a potential purchaser of renewal rights over the majority of Alea Europe and that a further announcement will be made in due course.
Alea added that it continues to explore options for the remaining parts of the group.