Standard & Poor's (S&P) has lowered Sirius International Insurance Corp's long-term ratings from A+ to A. It said this was due to a weakening of the Stockholm-based insurer's business position.
Its outlook is 'stable' and the ratings were removed from CreditWatch.
Sirius' Bermuda-based subsidiary - Scandinavian Re - also had its ratings lowered to BB from BBB- and its CreditWatch implications were revised to developing from negative.
S&P plans to meet with Sirius' management in the next four weeks to review the CreditWatch placed on Scandinavian Re.
S&P director Earl Lancaster said: "The rating action on Sirius is based on the company's weakened business position, higher-than-expected underwriting losses, and lower-than-expected investment returns in 2001."
WTC losses are also a contributing factor to the downgrades.
