Ratings Lowered On European CMBS Transaction FORNAX (ECLIPSE 2006-2)'s Class F And G Notes Due To Cash Flow Disruptions Feb 14
- Language: English
- Published: February 2014
- Region: Europe
NEW YORK (Standard & Poor's) Feb. 9, 2012--Standard & Poor's Ratings Services said today that it raised its ratings on Montana Re Ltd.'s Series 2010-1 Class C notes to 'B(sf)' from 'CCC+(sf)', and on the Class E notes to 'B-(sf)' from 'CCC(sf)'. The upgrade puts the ratings back to where they were when the transaction closed in December 2010. The Class E notes were downgraded to 'CCC(sf)' on June 14, 2011, as a result of the Tohoku earthquake. Under the terms of the transaction, the earthquake was determined to be a covered event that put the Class E notes, which had been second-event notes (it would take at least two covered events to result in a loss of principal to...
Companies mentioned in this report are: Montana Re Ltd.
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Montana Re Ltd.