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S&P Credit Research641 word report
published Mar 16, 2009
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S&P Credit Research
| Abstract: | 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 payment, which was made in full. On March 4, 2009, we placed the notes on CreditWatch with negative implications because the issuer notified us that it will not have sufficient funds available in the collateral payment account to make the scheduled interest payment. Since then, Ajax Re. Ltd. has informed us that it made the interest payment in full. Even though the income from the first three months of 2009 would have resulted in a short fall, there were sufficient funds left in the
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Ajax Re Ltd. Class A Series I Notes Rating And Watch Neg Status Unchanged On Timely Interest Payments Publication date: 16-Mar-2009 Primary Credit Analyst: Birgitte Andersen, London (44)...
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| Report Type: | Research Update
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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.
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 ...
- 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 ...
- Ratings Assigned In Aspen Insurance's First Cat Bond Covering California Earthquakes $100.00
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 ...
