Ram Re downgraded by S&P to 'AA' from 'AAA'
Ram Holdings, the financial guaranty reinsurer, has seen the financial strength and financial enhancement ratings on RAM Reinsurance (RAM Re) downgraded from 'AAA' to 'AA' with a negative outlook, a move that it said could trigger termination clauses as well as ceding commission penalties costing the firm an estimated $5.6m.
In its report, S&P stated that the 'AA' rating reflects its view of RAM Re's weakened capital adequacy position, which is the result of a significant amount of projected losses relating to reinsured
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