Credit crisis hits Primus

Primus Guaranty, the parent company of the first standalone credit derivatives product company (CDPC), has had its counterparty credit rating of BBB+ placed on rating watch negative by Standard & Poor's. The move came as Primus Financial Products, the AAA-rated CDPC, revealed it had extensive portfolio exposure to Lehman Brothers. Lehman was forced to file for Chapter 11 bankruptcy protection on September 15. That exposure is primarily in the form of insured single-name CDS referencing the bank

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