Subsequently, all FSR and ICR ratings will be withdrawn and a rating of NR-4 (Company Request) will be assigned in response to management’s request that PXRE be removed from A.M. Best’s interactive rating process.
These actions follow A.M. Best’s previous downgrades of PXRE’s ratings in February 2006 after the company announced that it had materially increased its net loss estimates for hurricanes Katrina, Rita and Wilma.
The following debt rating has been downgraded and removed from under review with a negative outlook:
PXRE Capital Trust I—
— to “ccc” from “b” on $100 million 8.85% trust preferred securities, due 2027
The following indicative debt ratings for securities available under shelf registration have been downgraded and removed from under review with a negative outlook:
PXRE Group Ltd.—
— to “b” from “bb-” on senior unsecured
— to “b-” from “b+” on subordinated
— to “ccc” from “b” on preferred stock
PXRE Capital Trust IV—
— to “ccc” from “b” on trust preferred securities