S&P downgrades Primus

Standard & Poor's said it lowered its ratings on Primus Financial Products LLC's issuer credit rating to A+ from AA-, senior debt issues to A- from A+, senior subordinated debt issues to BBB from BBB+ and preferred shares to BB+ from BBB-. Ratings remain on CreditWatch with negative implications, where they were placed Sept. 26.

The lowered ratings reflect the most recent report on the results of its capital model run, according to the agency. Based on that information, the agency said it believes there has been further credit deterioration in Primus' single-name portfolio.

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