S&P: Primus view negative

Standard & Poor's said it revised the outlook on Primus Guaranty Ltd. (BBB+) to negative from stable.

S&P said the outlook change follows the company's disclosure of deteriorating economic results because of poor financial performance.

The weaker performance was due to continued pressure on its asset management business from collateralized debt obligations, the recent closure of the Harrier hedge fund and the credit portfolio of its primary operating subsidiary, the agency said.

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