Ballantyne rating suffers on sub-prime fears

The credit crisis continues to have an impact on some of the vehicles used in risk securitization transactions. Last month, rating agency Fitch took action on various notes issued by Ballantyne Re, the special purpose vehicle used by Scottish Annuity & Life to finance the excess reserving associated with certain blocks of business ceded by Scottish Re (US) that fall subject to the statutory reserve requirements of the US Regulation XXX regime.