New Jersey-based Best said it was downgrading the issuer credit ratings and senior debt ratings of Kingsway Financial, along with Kingsway America Inc., to Triple-C from Single-B.

In addition, it downgraded the financial strength ratings to B- or fair from B (fair) and the issuer credit ratings to Double-B minus from Double-B for several wholly owned property-casualty subsidiaries.

Kingsway issued a news release saying it was "disappointed by the decision of A.M. Best and will continue to work with them to improve the ratings of the group.''