OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has downgraded the financial strength rating to B (Fair) from B++ (Good) and the issuer credit rating to "bb+" from "bbb+" of Philmont Insurance Company (Philmont) (Burlington, VT). The outlook for both ratings is stable. The downgrade reflects an increase in losses in 2014, which resulted in a significant drop in risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), to a level that no longer supported the prior rating. The