downgrade

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2 million class M-7 downgraded to 'CCC' from 'BBB+' (BL: 18.
0 million class M-8 downgraded to 'CCC' from 'BBB' (BL: 16.
0 million class M-9 downgraded to 'CCC' from 'BBB' (BL: 14.
2 million class M-10 downgraded to 'CC' from 'BBB-' (BL: 12.
Class I-M-1 downgraded to 'A+' from 'AA', and placed on Rating Watch Negative;
Class I-B-1 downgraded to 'C/DR5' from 'BB', and removed from Rating Watch Negative;
Class B-3 downgraded to 'C/DR5' from 'BB', removed from Rating Watch Negative;
Class B-3 downgraded to 'C/DR4' from 'BB', removed from Rating Watch Negative;
Class B-1 downgraded to 'BBB+' from 'A', and placed on Rating Watch Negative;
Class B-1 downgraded from 'B' to 'C' and assigned a Distressed Recovery (DR) rating of 'DR2';
Fitch also modeled the potential effect if Scottish Re was to be downgraded further and determined that further downgrades would not increase guarantee fees sufficiently to change Ballantyne Re's ratings.
Fitch notes the reinsurance agreement between SLD and Scottish Re does not allow SLD to cancel the contract if Scottish Re is downgraded.