S&P lowers Primus Financial

Standard & Poor's said it lowered Primus Financial Products LLC's issuer credit and senior debt ratings to BBB+ from A and senior subordinated debt ratings to BBB- from BBB, and affirmed its preferred shares at BB+.

The outlook remains negative.

The downgrade reflects further deterioration in the ratings on the reference entities on which Primus sold credit protection through credit default swaps and the fact that one of those reference entities recently experienced a new credit event, according to the agency.

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