Moody's lowers BluePoint Re

Moody's Investors Service said it has downgraded to A2 from Aa3 the insurance financial strength rating of BluePoint Re Ltd. and placed the rating under review for further possible downgrade.

Moody's said that the downgrade reflects BluePoint Re's significantly constrained new business prospects, coupled with the potential for higher expected and stress losses within its insured portfolio.

The agency said that the rating action also considers Moody's recent announcement that the Aa3 senior debt rating of BluePoint Re's parent, Wachovia Corp., has been placed under review for possible downgrade.

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