Standard & Poor's, AM Best and Fitch rating agencies have all downgraded the insurer financial strength ratings of Scottish Re's operating subsidiaries.
All ratings have been placed on rating watch negative.
The rating actions follow Scottish Re's announcement that it expects to report a loss for the three months ending 30 June 2006.
This loss follows disappointing results in the first quarter of 2006 relative to management's plans.
The ratings agencies said performance over the past several years has been characterised as moderate compared to rating expectations, and has reflected the challenges associated with rapid growth and successive acquisitions.
