S&P: KAMP RE 2005 notes still on watch

Standard & Poor's said its CC senior secured debt rating on KAMP RE 2005 Ltd.'s $190 million floating-rate principal-at-risk note, which is due Dec. 14, 2007, remains on CreditWatch with negative implications, where it was placed on Oct. 13, 2005.

Although the paid losses and loss reserve related to Hurricane Katrina are in excess of the trigger amount and outstanding principal balance, the notes are not in default, as the paid losses have not reached the point of attachment, the agency said, adding that the notes are highly vulnerable to nonpayment.

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