In a statement on the ratings agency's website said: "The rating action on Peak Re's ratings mainly reflects Moody's concern that contagion risks will increase as Fosun's credit profile weakens. Contagion risks, in particular reputational damage, could increasingly strain Peak Re's business growth and financial flexibility, including its capital market access. Such contagion risks would linger despite the ringfencing measures to safeguard Peak Re's financial resources, including its independent board without majority control by Fosun, stringent related-party transaction policies and strong regulatory oversight." The Moody's statement added: Given that Fosun's ratings could be downgraded further to deeper speculative grade levels, today's rating action to place Peak Re's ratings on review reflects the potential need of positioning the ratings to reflect these risks.