S&P: KAMP RE notes still on watch

Standard & Poor's said it has received a copy of an extension notice from the administrator for KAMP RE 2005 Ltd., and as permitted under the transaction documents, Swiss Reinsurance America Corp. will extend the maturity of KAMP RE's $190 million floating-rate, principal-at-risk notes to Jan. 14, 2008.

S&P previously said it indicated that ultimate net losses exceeded the transaction's $1 billion trigger amount and, given the filing of the extension notice, it is anticipated that there will a partial principal loss to noteholders.

"Upon receipt of a copy of the claims review letter, we will revise the rating on KAMP RE's 2005 Ltd.'s $190 million floating-rate, principal-at-risk notes to D from CC," said S&P credit analyst Gary Martucci.

"Until that time, the rating on the notes remains on CreditWatch with negative implications, where it was placed on Oct. 5."

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