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A.M. Best believes Scottish Re continues to be affected by the adverse credit and equity market conditions, which is believed to have weakened the value of underlying collateral used to secure a portion of Scottish Re and its subsidiaries? life reinsurance obligations and statutory reserves for its operating companies. A.M. Best remains concerned with the limited information available with respect to Scottish Re?s financial strength position and diminishing business prospects going forward.
The FSR of D (Poor) and ICR of ?c? have been affirmed and withdrawn, and an NR-4 has been assigned to the FSR and an ?nr? to ICR of the following primary operating subsidiaries of Scottish Re Group Limited:
-- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
-- Scottish Re Life Corporation
-- Orkney Re, Inc.
The ICR of ?c? of Scottish Re Group Limited has been affirmed, withdrawn and assigned an ?nr.?
The following debt ratings have been affirmed, withdrawn and assigned an ?nr?:
Scottish Re Group Limited?
-- ?d? on $125 million non-cumulative preferred shares
Stingray Pass-Though Trust?
-- ?c? on $325 million 5.902% senior secured pass-through certificates, due 2012
The following indicative debt ratings have been affirmed, withdrawn and assigned an ?nr?:
Scottish Re Group Limited?
-- ?c? on senior unsecured debt
-- ?c? on subordinated debt
-- ?c? on preferred stock
Scottish Re Holdings Stat Trust (II & III)
-- ?c? on preferred securities
The FSR of E (Under Regulatory Supervision) and ICR of ?rs? of Scottish Re (U.S.), Inc. remain unchanged.
For Best?s Credit Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at http://www.ambest.com/ratings/methodology.
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