Trading in Syncora Holdings Ltd.'s common stock was suspended by the New York Stock Exchange today after the company failed to remain in compliance with the exchange's standards for trading for more than 30 days.

In a statement, the company said that trading in the Hamilton, Bermuda-based guaranty insurer (ticker symbol SCA) was suspended because the company's average market capitalization and stockholders' equity was less than $75 million over 30 trading days.

In addition, the company stock again fell below the exchange's standard for average share price over a consecutive 30-trading-day period of not less than $1.00.

Syncora said it could not “provide reasonable assurance” that it expects to return to the NYSE's listing standards within the time period the exchange allows.

The insurer said it did not intend to appeal the NYSE's decision. It expects the common stock will be delisted following the NYSE's application to the Securities and Exchange Commission.

The company said it expects its common stock will be quoted on the Financial Industry Regulatory Authority's over-the-counter bulletin board and on the Pink Sheets Inc.'s Pink Quote System.

A new ticker symbol will be assigned on the day trading is suspended from the NYSE.

Syncora went on to say that “the delisting from the NYSE does not represent any change in the company's current strategic plan, in the negotiations with the financial counterparties, or in the involvement by the New York State Insurance Department in the company's operations.”

In November, the company said it would not be able to continue as a going concern if it did not reach agreement with its counterparties over its exposure to credit default swaps.

If an agreement could not be reached there was likelihood that the New York State Insurance Department would have taken over the company.

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