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)
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