CHICAGO (AP) — Fitch Ratings has revised its Rating Watch on Scottish Re Group Ltd., a Bermuda-based reinsurance company, to “evolving” from “negative”.The ratings agency said the change follows Scottish Re amending its bank agreement, which allows the transfer of funds from its affiliate Scottish Annuity & Life Insurance (Cayman) Ltd. to the company.

Fitch said funds are expected to be transferred to the trustee to repay US$115 million (euro86.64 million) of the company’s senior convertible notes.

“This notification satisfies our most immediate near-term concern,” Fitch said.