S&P drops Triad

Standard & Poor's said it lowered its counterparty credit and financial strength ratings on Triad Guaranty Insurance Corp. to BB- from BBB.

The agency said that it lowered its counterparty credit rating on Triad Guaranty Inc. to B- from BB.

All of these ratings remain on CreditWatch, where they were placed on Feb. 13, with negative implications, the agency noted.

"The speculative-grade rating reflects the tremendous uncertainty regarding Triad's ultimate paid claims," said S&P credit analyst James Brender.

Significant operating losses in 2008 and 2009 will deplete a material portion of Triad's capital base, but S&P said it believes Triad will be able to satisfy its policyholder obligations.

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