Standard & Poor's today became the fourth major rating agency to lower its ratings for Bermuda-based IPCRe Ltd. in recent weeks, dropping the financial strength rating to "A" from "A-plus" in the wake of recent storms.
Prior rating actions by other agencies included a cut to "A" from "A-plus" by A.M. Best, a cut to "triple-B" from "A-minus" by Fitch, and a cut to Baa1 from A3 by Moody's.
S&P also removed from CreditWatch and affirmed its "triple-B-plus" counterparty credit rating on IPC Holding Ltd.
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