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S&P keeps IPC on watch
Standard & Poor's said it is keeping its BBB counterparty credit rating on IPC Holdings Ltd. on CreditWatch with negative implications following the approval by its board of a definitive amalgamation with Validus Holdings Ltd.
The agency said it is keeping the ratings on CreditWatch negative to reflect the uncertainty surrounding IPC's management team and corporate strategy under the new ownership.
In the meantime, IPC remains well capitalized and profitable, S&P said, having generated strong underwriting results in first quarter of 2009.
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