LONDON--(BUSINESS WIRE)--A.M. Best has downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and the issuer credit rating (ICR) to “bbb+” from “a-” of The Mediterranean & Gulf Insurance & Reinsurance Company (Medgulf) B.S.C. (c) (Medgulf Bahrain) (Bahrain) and The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (A Saudi Joint Stock Company) (Medgulf KSA) (Saudi Arabia). Concurrently, A.M. Best has affirmed the FSR of B++ (Good) and the ICR