The ratings on Scottish Re Group Ltd. and related entities are not affected by the company's notification of late filing of its 2007 10-K, according to Standard & Poor's Ratings Services (S&P). S&P said the securities valuation and the other factors Scottish Re gave for the delay were already considered when S&P placed the ratings on negative watch.

The Bermuda-based life reinsurance company's 'B' rating was placed on negative watch on January 31 because of the its continuing exposure to increasing investment losses and meaningful risk of losing some reserve credits secured through Ballantyne Re plc.