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If an insurer is downgraded by a credit agency, it may then need to conserve capital by cutting back planned purchases of its own stock or even to raise more capital, increasing its own borrowing costs.
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Greece had already been downgraded by Standard & Poor's.
Latvia's credit rating was downgraded by Standard & Poor's.
It has already been downgraded by one ratings agency.
Both Tyco and CIT were downgraded by Standard and Poor's, and Fitch Ratings downgraded CIT.
Following an extensive reassessment, Mexico's reserves have been downgraded by 41% to 28.4 billion barrels.
Likewise, the danger of being downgraded by a credit rating agency has been wildly overstated.
Such concerns were underlined Thursday when Spain's sovereign debt rating was downgraded by Moody's.
It got a shock when it was downgraded by Moody's, a ratings agency, last year.
That has now been downgraded by the Conservatives to an "ambition" and an "aim".
Two counties, Rockland and Monroe, were downgraded by the rating agency in 2002.
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