Reliance Downgraded

Reliance Group Holdings Inc. senior debt ratings were lowered from ‘C’ to ‘D’ by Fitch following Reliance’s missed scheduled payments of bank borrowings due Nov. 10 and of senior notes due Nov. 15. On the latter date, Reliance also failed to make a scheduled interest payment on its senior subordinated debt. Reliance Insurance Group’s insurer FSR remains at ‘DDD.’