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Bulletin: Ratings Remain Unchanged In FCC SPARC Europe (Senior)'s Insurance-Linked Securities Transaction Jun 10 Product Image

Bulletin: Ratings Remain Unchanged In FCC SPARC Europe (Senior)'s Insurance-Linked Securities Transaction Jun 10

  • ID: 1873333
  • June 2010
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • FCC SPARC Europe (Senior)
  • MORE

Abstract
OVERVIEW We confirmed the loss ratio trigger levels in this transaction, although with an increased spread above the AXA-provided budget for 2010 compared with the previous year for each of the tranches. The ratings remain unchanged following the annual reset and revised loss ratio trigger levels. This is an insurance-linked securitization transaction involving the securitization of payments related to a quota-share reinsurance agreement between Nexgen Reinsurance Ltd. (reinsurer) and AXA. LONDON (Standard & Poor's) June 1, 2010--Standard & Poor's Ratings Services said today that its credit ratings on all of FCC SPARC Europe (Senior)'s notes remain unchanged following the annual reset of the loss ratio trigger levels (see list below). The loss ratio trigger level is reset for each cover...

Companies mentioned in this report are:
- FCC SPARC Europe (Senior)

Action: Bulletin

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.

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