S&P downgrades RAM

Standard & Poor's said it lowered the counterparty credit rating on RAM Reinsurance Co. Ltd. to BBB- from A+ and holding company RAM Holdings Ltd.'s senior unsecured debt to BB- from BBB and preference stock ratings to C from BB+. Ratings were placed on CreditWatch with negative implications.

The actions are a result of RAM Re's recent strategic and tactical decisions. "Specifically, RAM Re has adopted a strategy of not writing any new business until market conditions stabilize, effectively putting the company into runoff," S&P analyst Dick P. Smith said in a statement.

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