Montana Re Ltd.'s Series 2010-1 Class E Notes Rating Lowered To 'CCC(sf)' Jun 11

Standard & Poors, June 2011

Abstract
NEW YORK (Standard & Poor's) June 14, 2011--Standard & Poor's Ratings Services said today that it lowered its rating on Montana Re Ltd.'s Series 2010-1 Class E notes to 'CCC(sf)' from 'B-(sf)' and removed the rating from CreditWatch, where it had been placed on March 28, 2011, with negative implications. We put the rating on CreditWatch when the issuer submitted an activation notice to Risk Management Solutions (RMS) related to the March 11, 2011, Tohoku earthquake. RMS, as calculation agent, has determined that the earthquake was a covered event. As a result, the noteholders are now at risk for any subsequent covered events until the initial Class E annual risk period ends on Dec. 31, 2011. If there aren't any...

Companies mentioned in this report are: Montana Re Ltd.
Action: Downgraded

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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.

Montana Re Ltd.

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