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Parkton Re Ltd.'s $125M Principal-At-Risk Variable-Rate Notes Assigned 'B+' Rating Jul 09 Product Image

Parkton Re Ltd.'s $125M Principal-At-Risk Variable-Rate Notes Assigned 'B+' Rating Jul 09

  • ID: 2026326
  • July 2009
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) July 10, 2009--Standard & Poor's Ratings Services said today that it has assigned its 'B+' rating to the Series 2009-1 notes to be issued by Parkton Reinsurance Ltd. (Parkton Re). Parkton Re is an exempted Cayman Islands company licensed as a Class B insurer in the Cayman Islands. The cedent to Parkton Re will be Swiss Reinsurance America Corp. (SWRA; A+/Stable/--). SWRA, which we consider a core member of the group, is a wholly owned subsidiary of Swiss Reinsurance Co., the group's main U.S. property/casualty operating company. SWRA will be responsible for the premium payments due under the retrocession agreement in place between it and Parkton Re. Covered losses will not be directly linked to...

Companies mentioned in this report are: Parkton Re Ltd.
Action: New Rating

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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