LONDON (Bloomberg) ? Alea Group Holdings Ltd. said Standard & Poor?s cut the company?s credit rating to BBB after Alea sold the rights to renew business with some customers.

S&P, which had rated Alea BBB+, lowered the rating to BBB with a stable outlook.

?Alea Europe Ltd.?s ability to underwrite business will be impaired by Standard and Poor?s action,? the company said. Alea ?is in discussions with a potential purchaser of renewal rights over the majority of Alea Europe Limited?.