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Moody’s eyes Peak Re for downgrade
Moody’s Investors Service said it placed the Baa3 (hyb) backed subordinated debt rating on the subordinated perpetual securities issued by Peak Re (BVI) Holding Ltd. on review for downgrade. Peak Reinsurance Co. Ltd. guarantees the subordinated perpetual securities. Before the review, the outlook was negative.
The decision to review Peak Re was prompted by a similar action on its majority shareholder Fosun International Ltd. on Sept. 30, Moody’s said.
“The rating action on Peak Re's ratings mainly reflects Moody's concern that contagion risks will increase as Fosun's credit profile weakens. Contagion risks, in particular reputational damage, could increasingly strain Peak Re's business growth and financial flexibility, including its capital market access,” the agency said in a press release.
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