S&P: KAMP RE notes still on watch

Standard & Poor's said its CC rating on KAMP RE 2005 Ltd.'s $190 million floating-rate principal-at-risk note remains on CreditWatch with negative implications, where it was placed on Oct. 13.

The note is due Dec. 14, 2007.

The agency said that since the last update on the CreditWatch status of this rating, a reduced risk interest event has occurred.

The loss estimates were in excess of the threshold required for such an action, 110% of the outstanding principal balance, the agency added.

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