S&P drops Syncora

Standard & Poor's said it lowered its financial strength rating on Syncora Guarantee Inc. to B from BBB-.

The rating remains on Creditwatch, with the implications revised to developing from negative, the agency said.

At the same time, S&P said it suspended its ratings on public finance and corporate transactions insured by Syncora that do not have an underlying public rating, adding that the downgrade is the result of the company's delay in implementing its restructuring plan and slow progress in its negotiations with counterparties of its collateralized debt obligation of asset-backed securities exposure.

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