S&P drops Syncora to CC

Standard & Poor's said it lowered the issuer credit rating on Syncora Guarantee Inc. to CC from B and removed the rating from CreditWatch, where it was placed on Nov. 18 with developing implications.

The outlook is negative.

The downgrade is the result of S&P's recent update to its distressed exchange criteria, the agency said.

The outlook reflects the possible SD issuer credit rating following the commutation and the lack of progress management has made on its commutation strategy, S&P noted.

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