Mariah Re Ltd. Series 2010-1 Notes Downgraded To 'CCC(sf)'; On CreditWatch Negative Oct 11

Standard & Poors, October 2011

Abstract
NEW YORK (Standard & Poor's) Oct. 4, 2011--Standard & Poor's Ratings Services said today that it lowered its rating on Mariah Re Ltd.'s Series 2010-1 Notes to 'CCC(sf)' from 'CCC+(sf)' and at the same time revised the CreditWatch status on the notes to negative from developing. On June 27, 2011, we lowered the rating on Mariah Re Ltd.'s Series 2010-1 notes to 'CCC+(sf)' from 'B(sf)' and revised the CreditWatch status to developing. We indicated that future rating actions would depend on the occurrence and magnitude of subsequent covered events. We published an update on Sept. 6. Since Sept. 6, Mariah Re reported losses related to one new covered event (Catastrophe Series 58), and updated the loss amounts for Catastrophe Series...

Companies mentioned in this report are: Mariah Re Ltd.
Action: Downgraded
Action: On CreditWatch:Negative

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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.

Mariah Re Ltd.

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