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S&P Credit Research642 word report
published Mar 04, 2009
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) March 4, 2009—Standard&Poor's Ratings Services today placed on CreditWatch negative its 'CC' credit rating on Ajax Re Ltd.'s class A principal-at-risk series I notes due to an anticipated imminent interest payment default. On Sept. 30, 2008, we lowered our rating on the notes to 'CC' because of their unhedged exposure to the assets in the collateral account. At that time, we indicated that we believed that scheduled payments were at risk. The scheduled payment date is March 16. Under the transaction documents, a default is triggered five business days after the missed interest payment. We have placed the rating on CreditWatch negative today because the issuer has notified us that it will not have
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| Brief Excerpt: | RESEARCH Ratings Definitions Rating On Ajax Re Ltd.'s Class A Series I Notes Placed On CreditWatch Negative Publication date: 04-Mar-2009 Primary Credit Analyst: Birgitte Andersen, London (44) 20-7176-7056; Birgitte_Andersen@standardandpoors.com...
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| Report Type: | Ratings Action
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| Issuer: | Ajax Re Ltd.
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| Sector: | Structured Finance
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| Country: | Cayman Islands
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| Region: | Latin America
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| Free Sample: |
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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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