PXRE downgrades continue as S&P lower ratings
Standard & Poor's Ratings Services has lowered its counterparty credit ratings on PXRE Group and PXRE Corp. to 'B+' from 'BB-' and removed the ratings from CreditWatch negative where they were placed on Feb. 16, 2006.
In addition, Standard & Poor's also lowered its rating on PXRE's Capital Trust I preferred stock, supported by deferrable subordinated debt from PXRE Corp., to 'CCC+' from 'B-', and lowered its
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