Corruption probe prompts BTG Pactual Re downgrade

Rating agency AM Best has downgraded the ratings of BTG Pactual
Resseguradora (BTG Pactual Re) in relation to an ongoing corruption
investigation at its parent company.
The Brazilian reinsurer's financial strength rating has been
downgraded to B+ from B++, while its issuer credit rating has been
lowered to bbb- from bbb. The ratings have been assigned a negative
outlook.
The rating action follows a deterioration in parent company BTG
Pactual's credit profile due to an ongoing investigation into