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Presale: Mystic Re III Ltd. $[?] Million Series 2012-1 Class A and B Principal At-Risk Variable-Rate Notes Feb 12

Description:
Abstract
Standard & Poor's Ratings Services has assigned preliminary ratings of 'BB(sf)' and 'B(sf)' to the Series 2012-1 Class A and Class B notes, respectively, to be issued by Mystic Re III Ltd. The notes cover losses from hurricanes and earthquakes on a per-occurrence basis in the covered area (see below). Our views of the transaction's credit risk reflect the counterparty credit ratings on all of the parties involved that can affect the timely payment of interest and the ultimate payment of principal on the notes. Our preliminary ratings on the notes take into account the rating on Liberty Mutual Insurance Co., which will make quarterly premium payments to Mystic Re III; the implied rating on the catastrophe risk ('BB' for...

Companies mentioned in this report are: Liberty Mutual Insurance Co.,Liberty Mutual Group Inc.,Mystic Re III Ltd.

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: Full Analysis
 
Companies Mentioned
Liberty Mutual Insurance Co.,Liberty Mutual Group Inc.,Mystic Re III Ltd.
 
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Presale: Mystic Re III Ltd. $[?] Million Series 2012-1 Class A and B Principal At-Risk Variable-Rate Notes Feb 12

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