Bermuda http://www.alacrastore.com/country-snapshot/Bermuda Thursday, May 15, 2008 8:52:08 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/647564?CMP=OTC-RSSPUB&HQS=Bermudaspcred/647564normThe latest News from S&Pglobal5/9/2008 6:32:25 PM100News647564BermudaReinsuranceLatin AmericaGlobal IssuersInsuranceNewsNEW YORK (Standard&Poor's) May 9, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on Montpelier Re Holdings Ltd. and its core subsidiary, Montpelier Reinsurance Ltd., to stable from negative. Standard&Poor's also said that it affirmed its 'BBB' counterparty credit rating on Montpelier Re Holdings Ltd. and its 'A-' counterparty credit and financial strength ratings on Montpelier Reinsurance Ltd. "The revised outlook reflects the companies' meaningful improvements in enterprise risk management over the past two years," noted Standard&Poor's credit analyst Taoufik Gharib. "It is also based on management's reduction of the group's risk exposure to a single event after Hurricanes Katrina, Rita, and Wilma in 2005, which revealed a higher riskBMU61481040301050 403010 4030 40Montpelier Re Holdings Ltd.368036LATAMERICAMRHNEWSBMU40301050 403010 4030 40Montpelier Reinsurance Ltd.368035LATAMERICAMRHGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647565?CMP=OTC-RSSPUB&HQS=Bermudaspcred/647565normThe latest Research Update from S&Pglobal5/9/2008 6:32:25 PM175Research Update647565BermudaReinsuranceLatin AmericaGlobal IssuersInsuranceResearch UpdateOn May 9, 2008, Standard&Poor's Ratings Services revised its outlook on Montpelier Re Holdings Ltd. and its core subsidiary, Montpelier Reinsurance Ltd., to stable from negative. At the same time, Standard&Poor's affirmed its 'BBB' counterparty credit rating on Montpelier Re Holdings Ltd. and its 'A-' counterparty credit and financial strength ratings on Montpelier Reinsurance Ltd. The revised outlook reflects the companies' (collectively referred to as Montpelier) meaningful improvements in enterprise risk management (ERM) over the past two years. It is also based on management's reduction of the group's risk exposure to a single event after Hurricanes Katrina, Rita, and Wilma in 2005, which revealed a higher risk profile than expected. Montpelier materially reduced its gross limitsBMU61481040301050 403010 4030 40Montpelier Re Holdings Ltd.368036LATAMERICAMRHRESUPDBMU40301050 403010 4030 40Blue Ocean Reins Ltd.Montpelier Reinsurance Ltd.368035407476LATAMERICAMRHMRHGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/646934?CMP=OTC-RSSPUB&HQS=Bermudaspcred/646934normThe latest News from S&Pglobalstructured5/7/2008 12:56:22 PM100News646934BermudaSpecialized FinanceLatin AmericaGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesNewsNEW YORK (Standard&Poor's) May 7, 2008--Standard&Poor's Ratings Services said today that its 'BBB+' long-term counterparty credit rating on Primus Guaranty Ltd. (BBB+/Negative/--) will not be affected by Primus' announcement of further significant unrealized losses in its credit-default swaps (CDS) portfolio. At June 30, 2007, Primus Financial Products LLC's CDS portfolio had a net unrealized mark-to-market gain of $13 million, which sequentially became $1.2 billion in unrealized losses during the past three quarters of widening credit spreads. The unrealized losses do not have a cash effect on the holding company, which continues to maintain sufficient cash ($75 million cash capital-on-hand) to meet our parent-company liquidity requirement. In first-quarter 2008, spreads continued to widen, allowing Primus to addBMU40201040 402010 4020 40Primus Guaranty Ltd.410674LATAMERICAPRSNEWSUSA74163P40203020 402030 4020 40Primus Financial Products, LLC361023USAGLOBISSSTRUCFIABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/646881?CMP=OTC-RSSPUB&HQS=Bermudaspcred/646881normThe latest News from S&Pglobal5/7/2008 8:20:32 AM100News646881BermudaLatin AmericaGlobal IssuersInsuranceNewsLONDON (Standard&Poor's) May 7, 2008--Standard&Poor's Ratings Services said today that it withdrew its 'BBB+' counterparty credit rating on Panther Re Bermuda Ltd.'s (Panther Re) senior secured Term A loan and its 'BB+' rating on Panther Re's subordinated Term B loan at the issuer's request. The rating withdrawal follows early repayment of the obligations in full, which in turn follows the early termination of the reinsurance agreement between Panther Re and Hiscox-Syndicate 0033. The early termination of this agreement reflects changes in the prevailing market conditions for property catastrophe excess-of-loss reinsurance.BMU69866JPanther Re Bermuda Ltd.409561LATAMERICANEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645941?CMP=OTC-RSSPUB&HQS=Bermudaspcred/645941normThe latest Full Report from S&Pglobal5/2/2008 2:43:00 AM400Full Report645941BermudaLatin AmericaGlobal IssuersSovereignsFull ReportOne of the lowest levels of government indebtedness among all rated sovereigns Very high per capita income A dynamic international financial services sector A net external creditor position A small, open economy with limited diversification and a declining tourist sector Minor-but-increasing concerns regarding social polarization, the business environment, and transparency in government The ratings on Bermuda reflect the country's low government indebtedness--among the lowest of rated sovereigns. Given the fixed exchange rate with the U.S. dollar, such policy flexibility is key to creditworthiness. Standard&Poor's Ratings Services projects gross general government debt at 6%-13% of GDP in 2008-2010. The recently re-elected Progressive Labor Party (PLP) has espoused commitment to improved social services while maintaining fiscal prudence. Bermuda has theBMU085209Bermuda301704LATAMERICA5828ZFULLGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645865?CMP=OTC-RSSPUB&HQS=Bermudaspcred/645865normglobal5/1/2008 2:34:41 AM400Full Report645865BermudaLatin AmericaGlobal IssuersSovereignsFull ReportOne of the lowest levels of government indebtedness among all rated sovereigns Very high per capita income A dynamic international financial services sector A net external creditor position A small, open economy with limited diversification and a declining tourist sector Minor-but-increasing concerns regarding social polarization, the business environment, and transparency in government The ratings on Bermuda reflect the country's low government indebtedness--among the lowest of rated sovereigns. Given the fixed exchange rate with the U.S. dollar, such policy flexibility is key to creditworthiness. Standard&Poor's Ratings Services projects gross general government debt at 6%-13% of GDP in 2008-2010. The recently re-elected Progressive Labor Party (PLP) has espoused commitment to improved social services while maintaining fiscal prudence. Bermuda has theBMU085209Bermuda301704LATAMERICA5828ZFULLGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645866?CMP=OTC-RSSPUB&HQS=Bermudaspcred/645866normThe latest Summary from S&Pglobal5/1/2008 2:34:41 AM175Summary645866BermudaLatin AmericaGlobal IssuersSovereignsSummaryThe ratings on Bermuda reflect the country's low government indebtedness--among the lowest of rated sovereigns. Given the fixed exchange rate with the U.S. dollar, such policy flexibility is key to creditworthiness. Standard&Poor's Ratings Services projects gross general government debt at 6%-13% of GDP in 2008-2010. The recently re-elected Progressive Labor Party has espoused commitment to improved social services while maintaining fiscal prudence. Bermuda has the third-highest level of per capita GDP among Standard&Poor's 118 rated sovereigns. A favorable macroeconomic policy mix and tax and regulatory regimes have bolstered long-term growth in Bermuda's international financial services sector, helping it continue as the main engine of economic growth. Strong links with the U.S. economy have stood the islandBMU085209Bermuda301704LATAMERICA5828ZSUMMARYGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645761?CMP=OTC-RSSPUB&HQS=Bermudaspcred/645761normThe latest Full Report from S&Pglobal5/1/2008 2:34:39 AM400Full Report645761BermudaLatin AmericaGlobal IssuersFinancial InstitutionsFull ReportVery strong risk management culture Strong liquidity management State-of-the-art technology infrastructure Diversified trading strategies Good long-term track record Lack of a permanent capital base Dependence on short-term, wholesale funding Revenue highly dependent on proprietary trading activities Increasingly difficult operating environment Limited public disclosure Standard&Poor's Ratings Services' ratings on Citadel Kensington Global Strategies Fund Ltd. (Kensington) and Citadel Wellington LLC (Wellington) are based on fund manager Citadel Investment Group LLC's (Citadel or the fund; not rated) consistent track record of continuously improving its strong risk-control procedures, sharp focus on liquidity management, well-diversified investment portfolio, and long-term track record of excellent performance. The company's state-of-the-art technology infrastructure and the increasing institutionalization of its businesses further support the ratings. These strengths,BMUCitadel Kensington Global Strategies Fund, Ltd.346225LATAMERICAFULLUSA94962#Citadel Wellington LLC346224USA127217ZGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645763?CMP=OTC-RSSPUB&HQS=Bermudaspcred/645763normThe latest Summary from S&Pglobal5/1/2008 2:34:39 AM175Summary645763BermudaLatin AmericaGlobal IssuersFinancial InstitutionsSummaryStandard&Poor's Ratings Services' ratings on Citadel Kensington Global Strategies Fund Ltd. (Kensington) and Citadel Wellington LLC (Wellington) are based on fund manager Citadel Investment Group LLC's (Citadel or the fund; not rated) consistent track record of continuously improving its strong risk-control procedures, sharp focus on liquidity management, well-diversified investment portfolio, and long-term track record of excellent performance. The company's state-of-the-art technology infrastructure and the increasing institutionalization of its businesses further support the ratings. These strengths, however, are balanced against the lack of permanence in Citadel's capital base, the dependence on predominantly short-term wholesale funding (defined as 365 days or less) on a secured basis, and the potential high volatility of the trading strategies in which Kensington and WellingtonBMUCitadel Kensington Global Strategies Fund, Ltd.346225LATAMERICASUMMARYUSA94962#Citadel Wellington LLC346224USA127217ZGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645591?CMP=OTC-RSSPUB&HQS=Bermudaspcred/645591normThe latest News from S&Pglobal4/30/2008 8:18:29 AM100News645591BermudaOil & Gas Storage & TransportationLatin AmericaGlobal IssuersCorporationsTransportationNewsSINGAPORE (Standard&Poor's) April 30, 2008--Standard&Poor's Ratings Services said today its 'BBB-' long-term corporate credit rating and the issue rating on Singapore-based energy shipping company BW Group Ltd. (BW) remain on CreditWatch with negative implications, pending fiscal 2007 financial results and more detailed information from the company. The ratings were placed on CreditWatch on Feb. 4, 2008, after the announcement on revisions in the Norwegian tax regime. "We consider such tax liabilities to be priority obligations that have several debt-like features and normally take precedence over the other unsecured obligations of an entity," said Standard&Poor's credit analyst, Anshukant Taneja. Furthermore, although the company's operating performance (for the nine-month period ended Sept. 30, 2007) has beenBMUG1746505604E10102040 101020 1010 10BW Group Ltd.419379LATAMERICA2197068Z@BHNEWSGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645592?CMP=OTC-RSSPUB&HQS=Bermudaspcred/645592normThe latest Research Update from S&Pglobal4/30/2008 8:18:29 AM175Research Update645592BermudaOil & Gas Storage & TransportationLatin AmericaGlobal IssuersCorporationsTransportationResearch UpdateOn April 30, 2008, Standard&Poor's Ratings Services said its 'BBB-' long-term corporate credit rating and the issue rating on Singapore-based energy shipping company BW Group Ltd. (BW) remain on CreditWatch with negative implications, pending fiscal 2007 financial results and more detailed inputs from the company. The ratings were placed on CreditWatch on Feb. 4, 2008, after the announcement on revisions in the Norwegian tax regime; Standard&Poor's considers such tax liabilities to be priority obligations that have several debt-like features and normally take precedence over the other unsecured obligations of an entity. Furthermore, although the company's operating performance (for the nine-month period ended Sept. 30, 2007) has been on track, deviation from expected credit metrics occurred dueBMUG1746505604E10102040 101020 1010 10BW Group Ltd.419379LATAMERICA2197068Z@BHRESUPDGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645364?CMP=OTC-RSSPUB&HQS=Bermudaspcred/645364normThe latest News from S&Pstructured4/29/2008 12:54:03 PM100News645364BermudaLatin AmericaStructured FinanceAsset-Backed SecuritiesCollateralized Debt ObligationsNewsNEW YORK (Standard&Poor's) April 29, 2008--Standard&Poor's Ratings Services today withdrew its 'AAA' rating on the class A notes issued by FC CBO II Ltd., an arbitrage corporate high-yield collateralized bond obligation (CBO) transaction managed by Prudential Investment Management (see list). The rating withdrawal follows the complete paydown of the class A notes on the March 10, 2008, payment date. RATING WITHDRAWN FC CBO II Ltd. Rating Balance (mil. $) Class To From Current Original A NR AAA 0.000 770.000 OTHER OUTSTANDING RATING FC CBO II Ltd. Balance (mil. $) Class Rating Current Original B B 51.075 65.000 NR-Not rated.BMU30244GFC CBO II Ltd.327832LATAMERICANEWSSTRUCABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/644337?CMP=OTC-RSSPUB&HQS=Bermudaspcred/644337normThe latest News from S&Pglobal4/23/2008 12:58:12 PM100News644337BermudaBroadcasting & Cable TVLatin AmericaGlobal IssuersCorporationsMedia & EntertainmentNewsLONDON (Standard&Poor's) April 23, 2008--Standard&Poor's Ratings Services said today it assigned its 'BB' debt rating to the $475 million senior secured convertible notes due 2013 issued by Bermuda-based emerging markets TV broadcaster Central European Media Enterprises Ltd. (CME) in March 2008. The long-term corporate credit rating was affirmed at 'BB'. The outlook is stable. At the same time, Standard&Poor's raised the debt rating on both CME's €245 million and €150 million floating-rate notes due, respectively, in 2012 and 2014 to 'BB' from the previous 'BB-', in line with the corporate credit rating, following a review of the collateral and the evolution of structural subordination aspects within the group's capital structure (see our recovery analysisBMU15344325401020 254010 2540 25Central European Media Enterprises Ltd.316591LATAMERICACETVNEWSGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/644338?CMP=OTC-RSSPUB&HQS=Bermudaspcred/644338normThe latest Research Update from S&Pglobal4/23/2008 12:58:12 PM175Research Update644338BermudaBroadcasting & Cable TVLatin AmericaGlobal IssuersCorporationsMedia & EntertainmentResearch UpdateOn April 23, 2008, Standard&Poor's Ratings Services assigned its 'BB' debt rating to the $475 million senior secured convertible notes due 2013 issued by Bermuda-based emerging markets TV broadcaster Central European Media Enterprises Ltd. (CME) in March 2008. The long-term corporate credit rating was affirmed at 'BB'. The outlook is stable. At the same time, Standard&Poor's raised the debt rating on both CME's €245 million and €150 million floating-rate notes due, respectively, in 2012 and 2014 to 'BB' from the previous 'BB-', in line with the corporate credit rating, following a review of the collateral and the evolution of structural subordination aspects within the group's capital structure (see our recovery analysis paragraph below). With fully adjustedBMU15344325401020 254010 2540 25Central European Media Enterprises Ltd.316591LATAMERICACETVRESUPDGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/644021?CMP=OTC-RSSPUB&HQS=Bermudaspcred/644021normThe latest Research Update from S&Pglobal4/21/2008 6:23:09 PM175Research Update644021BermudaLatin AmericaGlobal IssuersCorporationsCapital GoodsConsumer ProductsResearch UpdateOn April 21, 2008, Standard&Poor's Ratings Services lowered its corporate credit rating on SVP Holdings Ltd. to 'B' from 'B+'. At the same time, we lowered the rating on the company's senior secured bank loan to 'B' from 'B+'. The outlook is negative. The downgrade primarily reflects tight financial covenant cushion under its U.S. bank facility as a result of weaker-than-expected operating performance. The company has had very limited cushion under its interest coverage covenant in the quarter ended Dec. 31, 2007. Given the weakening U.S. economy and covenant step-downs in the quarter ended December 2008, we are concerned with the company's ability to maintain adequate liquidity over the near term. Further, the company's debt leverage of aboutBMUSVP Holdings Ltd.402323LATAMERICARESUPDBMUKSIN Bermuda II Ltd.405193LATAMERICAGLOBISSCORPCapitalConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643987?CMP=OTC-RSSPUB&HQS=Bermudaspcred/643987normThe latest News from S&Pglobal4/21/2008 6:23:08 PM100News643987BermudaLatin AmericaGlobal IssuersCorporationsConsumer ProductsNewsBMUSVP Holdings Ltd.402323LATAMERICANEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643642?CMP=OTC-RSSPUB&HQS=Bermudaspcred/643642normThe latest News from S&Pglobal4/18/2008 3:32:42 PM100News643642BermudaLatin AmericaGlobal IssuersCorporationsEnergyNewsNEW YORK (Standard&Poor's) April 18, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on oil and gas exploration and production company Energy XXI (Bermuda) Ltd. to positive from stable and affirmed its 'CCC+' corporate credit rating on the company. "The outlook revision reflects the progress Energy XXI has made integrating properties acquired from Pogo Producing Co. in June 2007, which has helped improve operating results," said Standard&Poor's credit analyst Paul Harvey. The positive outlook also acknowledges the benefits to earnings and cash flow over the near term that come from the currently strong hydrocarbon price environment. During first half of fiscal 2008, Energy XXI's production averaged about 26,000 barrels per day, whichBMUEnergy XXI (Bermuda) Ltd.417617LATAMERICAEXXS@LNNEWSGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643643?CMP=OTC-RSSPUB&HQS=Bermudaspcred/643643normThe latest Research Update from S&Pglobal4/18/2008 3:32:42 PM175Research Update643643BermudaLatin AmericaGlobal IssuersCorporationsEnergyResearch UpdateOn April 18, 2008, Standard&Poor's Ratings Services revised its outlook on oil and gas exploration and production company Energy XXI (Bermuda) Ltd. to positive from stable and affirmed its 'CCC+' corporate credit rating on the company. The outlook revision reflects the progress Energy XXI has made integrating properties acquired from Pogo Producing Co. in June 2007, which has helped improve operating results. The positive outlook also acknowledges the benefits to earnings and cash flow over the near term that come from the currently strong hydrocarbon price environment. During first half of fiscal 2008, Energy XXI's production averaged about 26,000 barrels per day, which is a 61% increase over average production for fiscal year ended June 30, 2007. EnergyBMUEnergy XXI (Bermuda) Ltd.417617LATAMERICAEXXS@LNRESUPDGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/642712?CMP=OTC-RSSPUB&HQS=Bermudaspcred/642712normThe latest Summary from S&Pglobal4/14/2008 6:22:40 PM175Summary642712BermudaIndustrial ConglomeratesEurope, Middle East, AfricaLatin AmericaGlobal IssuersCorporationsCapital GoodsHigh TechnologySummaryThe ratings reflect Pembroke, Bermuda-based Tyco International Ltd.'s business profile, which benefits from significant business and geographic diversity, material recurring services-oriented revenues, and leading positions in large but fragmented and highly competitive markets that have moderate growth prospects. Tyco's financial profile is characterized by moderate financial leverage, including off-balance-sheet and remaining contingent liabilities, as well as the expectation that the company will pursue overall moderate financial policies that balance strategic and shareholder-friendly priorities with maintaining credit measures. Tyco's largest business segment is security (ADT Worldwide), which, together with the fire protection business, accounts for more than half of Tyco's total revenues. The security business benefits from a leading position in the $30 billion global residential and commercial security monitoring industry.BMU90212090212420105010 201050 2010 20Tyco International Ltd.319914EUROMIDAFRLATAMERICATYCSUMMARYGLOBISSCORPCapitalHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/641230?CMP=OTC-RSSPUB&HQS=Bermudaspcred/641230normThe latest Full Report from S&P4/4/2008 6:35:33 PMFull Report400global641230BermudaProperty & Casualty InsuranceLatin AmericaGlobal IssuersInsuranceFull ReportVery strong competitive position supported by loyal owners/insureds. Strong and experienced management team. Extremely strong capital adequacy. Conservative underwriting. Strong and consistent profitability. Narrow business focus in the legal professional liability market. High reinsurance reliance for excess limits. Aggressive investment strategy. The insurer financial strength ratings on Attorneys' Liability Assurance Society (Bermuda) Ltd. and Attorneys' Liability Assurance Society Inc. RRG (collectively referred to as ALAS) reflect ALAS' very strong competitive position supported by loyal owners/insureds, strong and experienced management team, extremely strong capital base, conservative underwriting, and consistently strong profitability. Offsetting these positive factors are ALAS' narrowly focused competitive position, high reinsurance reliance, and aggressive investment strategy. The company has a very strong competitive position, with a high market shareBMU40301040 403010 4030 40Attorneys' Liability Assurance Society (Bermuda) Ltd.113758LATAMERICA3447ZFULLUSA40301040 403010 4030 40Attorneys' Liability Assurance Society, Inc. RRG116606LATAMERICAUSA3448ZGLOBISSINSCredit & Investment ResearchS&P Credit Research