Fitch downgrades QBE
Rating agency cites unexpected US write-down among reasons for change.
Fitch has downgraded QBE Insurance Group's long-term issuer default rating (IDR) to 'A-'.
The ratings agency also affirmed the insurer financial strength (IFS) ratings of QBE's subsidiaries - including QBE Insurance Europe at 'A+'. However it changed the outlook from stable to negative.
According to Fitch, the downgrade of QBE's IDR reflected uncertainty around the future supportability of the group's significant level of goodwill which stands at $4bn [£2.44bn] at the end of 2013.
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