Fitch cuts St. Germain notes to CC/DR4

Fitch Ratings said it downgraded the capital note program for St. Germain Holdings, Ltd. to CC/DR4 from B.

The action follows notification of the wind-down of St. Germain's operations.

Fitch's further downgrade of the capital notes reflects the increased risk that investors will not be paid in full, the agency said. The existing program, however, continues to benefit from the structural features of both the subordination from the capital notes and the individual put contracts, Fitch noted. The $5 billion commercial paper program was affirmed by Fitch at F1 on Oct. 1.

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