Alea Group, the UK-listed reinsurer part-owned by buy-out firm Kohlberg Kravis Roberts, has abandoned plans to raise $210m (€173m) of debt after its credit rating was cut for the second time in a fortnight.

Alea, which is 40% owned by KKR and was floated on the London Stock Exchange two years ago, said in a statement this morning that it would not proceed with its previously announced plan to raise additional capital "in light of the recent rating agency actions".