Credit ratings agency Standard and Poor's has lowered its rating for the finance company Geneva Finance to 'SD' from 'CC'.
It has also removed it from credit watch with negative implications.
Standard and Poor's says this follows Geneva's decision to convert existing debt interests to equity which it believes constitutes a distressed exchange.
At the same time, the insurer financial strength rating on Geneva's captive insurer Quest Insurance Group was affirmed at 'CC'.
