NEW YORK, January 31 (FinanceEnquiry.com) – Standard & Poor’s Rating Services assigned issue credit ratings of ‘BB-(sf)’ and ‘B-(sf)’ to the Series 2012-1 Class A and Class B notes, respectively that are issued by Ibis Re II Ltd and exposed to losses from US hurricanes in the covered area.
In a research note published yesterday, S&P Rating Services mentions that Ibis Re II Ltd. is a Cayman Islands relieved company licensed as a Class B insurer. As per the S&P, the transaction’s credit risk reflects the counterparty credit ratings on all of the parties involved that can impact the on-time payments of interest and the final payment of principal on the notes. Moreover, the ratings on the notes consider the rating on the surrendering insurers, which will make quarterly premium payments to Ibis Re II Ltd.
S&P provides the implied rating on the catastrophe risk (‘BB-‘) for the Class A notes, (‘B-‘) for the Class B notes and the rating on the assets in the reinsurance trust accounts. Presently, the treasury money market funds are rated ‘AAAm’ or ‘Am’ if the US sovereign rating is below ‘A-1+’.
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