S&P keeps KAMP floaters on watch

Standard & Poor's said that its CC senior secured debt rating on KAMP RE 2005 Ltd.'s $190 million floating-rate principal-at-risk notes are remaining on CreditWatch with negative implications, where it was placed on Oct. 13.

The notes are due to mature on Dec. 14, 2007, the agency said, noting that Swiss Reinsurance America Corp. has until Dec. 10 to file an extension notice with, among others, Zurich American Insurance Co. and KAMP.

Since the last update on this rating, there have been no significant developments and S&P said it will continue to monitor the transaction for any developments and will issue updates or take ratings actions as appropriate.

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