'B' Rating Assigned To E Notes In Carillon Ltd.'s Second Issue Covering Hurricane Losses - 2007/05/09 - S&P Credit Research

Report title: 'B' Rating Assigned To E Notes In Carillon Ltd.'s Second Issue Covering Hurricane Losses

from S&P Credit Research
1273 word report published May 09, 2007

Price $100.00 available for immediate download

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Abstract:

LONDON (Standard&Poor's) May 9, 2007ùStandard&Poor's Ratings Services said today that it assigned its 'B' senior secured debt rating to the $150 million series 2 class E principal at-risk variable-rate notes issued under Munich Reinsurance Co.'s (Munich Re) shelf program, Carillon Ltd. This is the second series of notes issued under this program. Through the issuance of notes, Munich Re has bought further fully collateralized protection against high severity losses incurred from U.S. hurricanes over the next four hurricane seasons. The issuer is a special-purpose Cayman Islands-exempted company whose ordinary shares are held in a charitable trust. There is no cap on the maximum notional amount of notes that can be issued by Carillon, nor is there

Brief Excerpt:

RESEARCH Ratings Definitions 'B' Rating Assigned To E Notes In Carillon Ltd.'s Second Issue Covering Hurricane Losses Publication date: 09-May-2007 LONDON (Standard & Poor's) May 9, 2007ùStandard & Poor's Ratings Services said today...

Report Type:

Ratings Action

Issuer:

Carillon Ltd.

Sector:

Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Global Issuers, Insurance, Residential MBS, Structured Finance

Country:

Cayman Islands

Region:

Latin America

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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