Insurer QBE has had its credit rating downgraded, and its shares have continued to plunge. Source: AAP
INSURANCE giant QBE has had its credit rating downgraded due to its forecast of a $250 million loss for the 2013 calendar year.
Moody's downgraded QBE's issuer and senior unsecured debt ratings to Baa2, from Baa1.
The downgrade reflects the company's weakened profitability, internal generation of capital and measures to cover its debt servicing, Moody's said.
QBE on Monday announced a series of writedowns and provisions on the various north American businesses it has acquired since 2006, which will lead to the loss for the year.
The company's share price fell heavily again on Tuesday, losing $1.18, or 9.8 per cent, to $10.82.
Almost $5.7 billion has been wiped from QBE's market value since it announced the writedowns.
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