Moody’s lowers Peak Re

Moody’s Investors Service said it lowered Peak Re (BVI) Holding Ltd.’s subordinated perpetual securities to Baa3(hyb) from Baa2(hyb). These securities are guaranteed by Peak Reinsurance Co. Ltd. The agency also revised the outlook to negative from ratings under review for downgrade, which was started on June 16.

The downgrade follows Moody’s Aug. 23 downgrade of Peak Re's majority shareholder, Fosun International Ltd. to B1 from Ba3 and outlook revision to negative from ratings under review, the agency said.

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