<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">
<DIV style="font-size: 10pt">
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>

<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT
style="font-size: 12pt">Washington, D.C. 20549 </FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest event reported): February 24, 2009</B>

<P align="center">&nbsp;

<P style="font-size: 24pt" align="center"><B>PRIMUS GUARANTY, LTD.<BR>
</B><FONT style="font-size: 10pt">(Exact name of
registrant as specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Bermuda</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-32307</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>Not Required</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Clarendon House<BR>
2 Church Street<BR>
Hamilton HM 11,
Bermuda<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>&nbsp;</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number, including area code: <B>441-296-0519</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not Applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))<BR>


<P>&nbsp;
<DIV style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

<P style="font-size: 10pt" align="center">

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="center"><B>Item&nbsp;8.01. Other Events</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">On January&nbsp;30, 2009, Primus Financial Products, LLC
(&#8220;Primus Financial&#8221;), a wholly owned subsidiary of Primus Guaranty, Ltd., requested that Moody&#8217;s
Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) withdraw its ratings on Primus Financial&#8217;s counterparty
ratings and outstanding obligations, citing business reasons. On February&nbsp;24, 2009, Moody&#8217;s issued a press
release announcing a downgrading of such ratings, followed by the withdrawal of the ratings.

<P style="font-size: 10pt" align="center">2

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="center"><U>Signature</U>

<P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

<P style="font-size: 10pt; margin-left: 56%" align="left">PRIMUS GUARANTY, LTD.

<P style="font-size: 10pt; margin-left: 56%" align="left">By: <U>&nbsp;/S/ Richard
Claiden&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Richard
Claiden<BR>
Chief Financial Officer<BR>
(Duly Authorized Officer and Principal Financial Officer)

<P style="font-size: 10pt" align="left">Dated: February&nbsp;27, 2009

<P style="font-size: 10pt" align="left"><BR>


<P style="font-size: 10pt" align="center">3

<P style="display: none; font-size: 10pt" align="center">3
</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c81681e8vk.htm", "description": "8-K", "secsgml_size_bytes": 6198}]
{"company-data": {"conformed-name": "PRIMUS GUARANTY LTD", "cik": "0001170593", "assigned-sic": "6199", "irs-number": "000000000"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32307", "film-number": "09644001"}, "business-address": {"street1": "C/O PRIMUS ASSET MANAGEMENT INC", "street2": "360 MADISON AVE 23RD FL", "city": "NEW YORK", "state": "NY", "zip": "10017", "phone": "2126972227"}, "mail-address": {"street1": "C/O PRIMUS ASSET MANAGEMENT INC", "street2": "360 MADISON AVE 23RD FL", "city": "NEW YORK", "state": "NY", "zip": "10017"}}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2009
PRIMUS GUARANTY, LTD.
(Exact name of
registrant as specified in its charter)
Bermuda
001-32307
Not Required
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Clarendon House
2 Church Street
Hamilton HM 11,
Bermuda
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
441-296-0519
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 8.01. Other Events
On January 30, 2009, Primus Financial Products, LLC
("Primus Financial"), a wholly owned subsidiary of Primus Guaranty, Ltd., requested that Moody's
Investors Service, Inc. ("Moody's") withdraw its ratings on Primus Financial's counterparty
ratings and outstanding obligations, citing business reasons. On February 24, 2009, Moody's issued a press
release announcing a downgrading of such ratings, followed by the withdrawal of the ratings.
2
Signature
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PRIMUS GUARANTY, LTD.
By:
/S/ Richard
Claiden
Richard
Claiden
Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)
Dated: February 27, 2009
3