Storm-battered PXRE Reinsurance Company received more ratings bad news with Moody's Investors Service announcing a downgrade of the company's financial strength and debt rating.
The New York-based rating service lowered PXRE's financial strength rating from "Baa2″ to "Baa3″ and the debt rating of PXRE Capital Trust I to "B3″ from "B1." The ratings remain on review for possible further downgrade, Moody's said.
This action follows the company's recent revised increase in its 2005 storm loss estimates and notices of cancellation from two of its retrocessionaires.
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