The following indicative ratings for debt securities under the shelf registration have been downgraded and remain under review with negative implications:
has downgraded the financial strength rating (FSR) to B (Fair) from B+ (Very Good) and the issuer credit ratings (ICR) to "bb+" from "bbb-" of the primary operating insurance subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman Islands) (NYSE:SCT).
Class M-1 downgraded to 'BBB' from 'AA+' placed on Rating Watch Negative';
Class M-2 downgraded to 'B' from 'AA+' placed on Rating Watch Negative';
2 million class M-5 downgraded to 'BB' from 'A' (BL: 24.
0 million class M-6 downgraded to 'B' from 'A-' (BL: 21.
Class B-5 downgraded
to 'C/DR3' from 'BBB-' and taken off Rating Watch Negative;
Class I-M-2 downgraded to 'BBB' from 'A', and placed on Rating Watch Negative;
Class I-B-2 downgraded to 'C/DR5' from 'B', and removed from Rating Watch Negative.
Class B-1 downgraded
to 'BBB' from 'A', and placed on Rating Watch Negative;
25% US$125 million non-cumulative perpetual preferred stock downgraded
to 'B-' from 'B+'; 'RR6' Assigned.
Class B-2 downgraded
from 'BB' to 'C' and assigned a DR rating of 'DR5';
875% US$142 million hybrid capital units downgraded
to 'B+' from 'BB';
1) Ballantyne Re's financial guarantee fees increase if Scottish Re's IFS rating is downgraded
Class M-4 downgraded
to 'C' from 'B' and assigned 'DR4' Distressed Recovery (DR) rating.