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S&P cuts Ballantyne notes to B-
Standard & Poor's said it lowered the senior debt rating on Ballantyne Re plc's class A-1 notes to B- from BB. The rating remains on CreditWatch, where it was placed on Nov. 21, 2007, with negative implications.
The agency said the downgrade reflects continuing mark-to-market losses for assets in the underlying collateral accounts.
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