Moody's cuts Ballantyne Re notes

Moody's Investors Service said it downgraded the following notes issued by Ballantyne Re plc: $250 million of 30-year class A-1 floating-rate notes to Caa2 from Ba1, $10 million of 30-year class B-1 subordinated fixed-rate notes to C from B2 and $40 million of 30-year class B-2 subordinated floating-rate notes to C from B2.

The agency said that Ballantyne Re is sponsored by Scottish Annuity & Life Insurance Co. (Cayman) Ltd. (B3 insurance financial strength, on review with direction uncertain) for the purpose of financing the excess reserve requirement associated with distinct blocks of business ceded by Scottish Re (U.S.), Inc. (Ba3 IFS rating, on review with direction uncertain), a subsidiary of Scottish Re Group Ltd. (Caa3 preferred stock, on review with direction uncertain).

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