S&P cuts Presidential Life

Standard & Poor's said it lowered its counterparty credit and financial strength ratings on Presidential Life Insurance Co. (NY) to BB- from BB+ and lowered its counterparty credit and senior debt ratings on Presidential Life Corp. to B- from B+.

In addition, S&P removed all the ratings from CreditWatch negative, where they had been placed on April, 1 following the release of the company's 10-K, which was delayed as a result of accounting errors.

The outlook on both companies is stable.

S&P said the downgrade reflects S&P's view that the company's weak risk-management framework increases Presidential's vulnerability to the broad array of risks that are embedded in its investment and operational profile.

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