S&P has lowered Best Re’s rating

Standard & Poor’s has downgraded Best Re’s credit and financial soundness ratings from A- to BBB+. The rating agency has maintained its negative outlook and threatens to downgrade the reinsurer once more if Salama group, Best Re’s parent company, delays the flow of funds needed to reinforce the capital. Best Re, particularly exposed on the Asian continent, has been affected by the floods in Thailand and by a disputed claim in South Korea.