Moody's Investors Service has downgraded the ratings of St Paul Companies by one notch, following a review of the group in September this year.
The reviewed rating comes at the same as St Paul's announcement that it would be overhauling its Lloyd's and reinsurance business, and ceasing to write medical malpractice insurance.
The insurance financial strength rating of St Paul Fire and Marine and most of its affiliates has been moved to Aa3 from Aa2.
Commenting on the move, Moody's said the downgrade was a result of 11 September losses and the loss reserve that St Paul anticipates taking in the fourth quarter of this year.
