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S&P Credit Research1353 word report
published Apr 26, 2007
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) April 26, 2007ùStandard&Poor's Ratings Services said today that it assigned its senior secured debt rating of 'BB' to the $100,000,000 Series 1 Class A principal at-risk variable rate notes issued under the newly established shelf program, Ajax Re Ltd. (Ajax Re), by Aspen Insurance Ltd. and Aspen Insurance U.K. Ltd. (collectively known as Aspen). This is the first series of notes issued under this program. The program closed today and the notes were issued. Through this transaction, Aspen has purchased fully collateralized protection against high-severity losses incurred after the occurrence of one or more California earthquakes. The issuer is a special-purpose Cayman Islands exempted company, licensed as a restricted Class B insurer whose ordinary
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| Brief Excerpt: | RESEARCH Ratings Definitions Ratings Assigned In Aspen Insurance's First Cat Bond Covering California Earthquakes Publication date: 26-Apr-2007 Primary Credit Analysts: Maren Josefs, London (44) 20-7176-7050; maren_josefs@standardandpoors.com...
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| Report Type: | Ratings Action
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| Issuer: | Ajax Re Ltd.
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| Sector: | Asset-Backed Securities, Global Issuers, Insurance, 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.
Also from S&P Credit Research
- S&P Corrects, Then Lowers And Withdraws Rating On Ajax Re Ltd.'s Class A Series I Notes $100.00
LONDON (Standard&Poor's) May 11, 2009—Standard&Poor's Ratings Services today reinstated its rating on Ajax Re Ltd.'s class A principal-at-risk variable-rate series I notes, which we withdrew on May 8 due to an administrative error. The reinstated ...
- Research Update: Ajax Re Ltd. Class A Series I Notes Rating And Watch Neg Status Unchanged On Timely Interest Payments $175.00
On March 16, 2009, Standard&Poor's Ratings Services said today that its 'CC' ratings and negative CreditWatch on Ajax Re Ltd.?s Class A principal-at-risk variable-rate Series I notes remain unchanged following the issuer's scheduled interest ...
- Ajax Re Ltd. Class A Series I Notes Rtg, CreditWatch Neg Status Unchanged On Timely Interest Payments $100.00
LONDON (Standard&Poor's) March 16, 2009--Standard&Poor's Ratings Services said today that its 'CC' ratings and negative CreditWatch on Ajax Re Ltd.?s Class A principal-at-risk variable-rate Series I notes remain unchanged following the issuer's ...
- Rating On Ajax Re Ltd.'s Class A Series I Notes Placed On CreditWatch Negative $100.00
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. ...
- Three Natural Peril Cat Bond Ratings Removed From Watch; Affirmed On Timely Interest Payments $100.00
LONDON (Standard&Poor's) Dec. 22, 2008--Standard&Poor's Ratings Services said today that it affirmed its ratings on three natural peril catastrophe bonds (cat bonds). The ratings on Ajax Re Ltd.'s class A principal-at-risk variable-rate series ...
- Research Update: Ajax Re Ltd.'s Class A Series 1 Notes Lowered To 'CC'; Rating Remains On Watch Negative $175.00
On Sept. 30, 2008, Standard&Poor's Ratings Services lowered its rating on Ajax Re Ltd.'s class A principal-at-risk variable-rate series 1 notes to 'CC' from 'BB'. The rating remains on CreditWatch with negative implications. We placed the rating ...
- Ratings On Four Natural Peril Catastrophe Bonds Are Lowered And Remain On CreditWatch $100.00
LONDON (Standard&Poor's) Sept. 30, 2008--Standard&Poor's Ratings Services said today that it lowered its ratings on four natural peril catastrophe bonds. Ratings on Ajax Re Ltd.'s class A principal-at-risk variable-rate series 1 notes and Carillon ...
