SCA shares' rating cut
Created: Apr 01, 2008 11:00 AM
NEW YORK (Bloomberg) - Security Capital Assurance Ltd. had the credit rating on its preferred shares cut one level to 'D', or default, by Standard & Poor's.
The series 'A' perpetual noncumulative preference shares were cut from 'C' following the Hamilton, Bermuda-based bond insurer's failure to make its dividend payment yesterday, the ratings company said in a statement.