The rating of insurance group Triglav, which includes Zavarovalnica Triglav and reinsurer Triglav Re, was cut from A to A- with a negative outlook. Pozavarovalnica Sava had its rating cut from A- to BBB+, also with a negative outlook.

The rating action reflects Slovenian government's reduced ability to provide extraordinary support to the companies in the event of financial distress, the rating agency said.

The downgrade is a reflection of the general economic and financial situation in Slovenia, Triglav said today. Pozavarovalnica Sava meanwhile underscored that the credit downgrade was unrelated to the company's results and operations.