S&P rates RAM Re preferreds BBB

Standard & Poor's said it assigned a BBB rating to the 500.01 class B preference shares issued by RAM Reinsurance Co. Ltd. (A+/negative) pursuant to the exercise of the company's right to put preferred shares to the Blue Water Trust.

"The rating reflects the subordinated nature of these obligations relative to our A+ assessment of RAM Re's claims-paying ability," S&P analyst Dick Smith said in a statement.

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