The rating of property and casualty reinsurer OdysseyRe has been adjusted from negative to stable by ratings agency Moody’s. The change in fortunes comes as a result of a restatement of the reinsurer’s accounts and the consequent effect this had on shareholder’s equity.

The future profitability and business outlook of OdysseyRe prompted the adjustment, said Moody’s. A spokesperson for Moody’s commented: “Due to the nature of the corrections, it is anticipated that the financial impact will, to a large extent, reverse in future periods, benefitting earnings.”