OLDWICK, N.J. -- A.M. Best Co., the independent insurance and credit rating service, has again downgraded the financial strength and issuer credit ratings of Lincoln General Insurance Co., an insurer of motorcoaches.

The financial strength rating for Lincoln General was dropped to B- (Fair), from B+ (Good) in September, and the companys issuer credit rating was reduced to bb- from bbb- in September.

In issuing the ratings last month, A.M. Best noted that both ratings for Lincoln General remain under review with negative implications.

Best's financial strength rating is an independent opinion of an insurance company's financial strength and ability to meet its ongoing insurance policy and contract obligations, while the issuer credit rating is an independent opinion of an issuer's ability to meet its ongoing senior financial obligations.

Best lowered its ratings for Lincoln General after its parent company, Kingsway Financial Services Inc. of Mississauga, Ont., announced it will take a huge loss for the fourth quarter of last year.

Kingsway Financial projected net losses for the quarter of between $324 million and $344 million, which Best said was "far in excess of information previously provided to A.M. Best."

The losses at Kingsway Financial primarily stem from write-downs of its equity portfolio, adverse loss reserve development at Lincoln General Insurance, and non-cash related charges.

Bests downgrading of the ratings at Kingsway Financial and its various affiliates and subsidiaries, including Lincoln General, "reflects the significant deterioration in the parent companys financial condition and recognizes A.M. Bests assessment of the weakened overall capitalization of the entire organization," Best said in a formal announcement.

Only one Kingsway Financial subsidiary has a lower financial strength and issuer credit rating than Lincoln General.