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Caelus Re Ltd.'s Series 2008-1 Class A Notes Rated 'BB+'
Standard & Poors, June 2008
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) June 25, 2008--Standard & Poor's Ratings Services said today that it assigned its 'BB+' senior secured debt rating to the $250 million Series 2008-1 Class A variable-rate notes issued by Caelus Re Ltd. The notes are the initial offering under Caelus Re's variable-rate note program. Nationwide Mutual Insurance Co. (A+/Stable/--) and certain of its subsidiaries and affiliates (collectively referred to as the ceding insurer) have entered into a reinsurance agreement with Caelus Re. The purpose for issuing the notes and entering into the reinsurance agreement is to provide the ceding insurer with a source of indemnified multi-year reinsurance coverage against certain catastrophic risks. 'The rating on the notes is based on the probability of attachment...
Companies mentioned in this report are: Caelus Re Ltd.,Nationwide Mutual Insurance Co.,Goldman Sachs Group Inc. (The)
Action: New Rating
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