OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has downgraded the financial strength rating (FSR) to B (Fair) from B+ (Good) and the issuer credit rating (ICR) to “bb+” from “bbb-” of Public Service Insurance Company (Chicago, IL) and its affiliates, Paramount Insurance Company (New York, NY) and Western Select Insurance Company (Los Angeles, CA) (collectively referred to as Magna Carta Companies), which operate through an intercompany pooling reinsurance agreement. The outlook for the FSR has been