AM Best downgrades Tunis Re's long-term credit rating

AM Best has revised the long-term credit rating of the Société Tunisienne de Réassurance (Tunis Re) downward from "bb+" to "bb" with a negative outlook.

The rating agency has confirmed the company's "medium" B financial strength rating. The outlook was changed from stable to negative.

AM Best justified its decision by the deterioration of the reinsurer's risk-adjusted capitalization, as well as its high exposure to the increased economic and political risks in Tunisia.