QBE Insurance Group Limited
(ASX:QBE) has had its credit rating downgraded after warning of a potential $250 million loss for the 2013 calendar year.
Moody’s downgraded QBE's issuer and senior unsecured debt ratings to Baa2, from Baa1.
The ratings agency says the downgrade reflects the company's weakened profitability, internal generation of capital and measures to cover its debt servicing.
QBE announced this week 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.
Shares in QBE plunged after the insurer’s profit downgrade.
QBE generated a net profit of $520.7 million in the first half of fiscal 2013
