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Montana Re Ltd.'s Series 2010-1 Class E Notes Rating Lowered To 'CCC(sf)' Jun 11
Standard & Poors, June 2011
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.
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
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Montana Re Ltd.