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S&P Credit Research1014 word report
published May 11, 2009
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S&P Credit Research
| Abstract: | 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 rating on the notes is 'CC/Watch Neg'. We then lowered the reinstated rating to 'D', removed it from CreditWatch negative, and withdrew it. The notes initially became vulnerable to nonpayment due to Ajax Re's indirect exposure to Lehman Brothers Holdings Inc. as guarantor of Lehman Brothers Special Financing, the total return swap (TRS) counterparty. We first downgraded the notes on Sept. 30, 2008. Ajax Re has previously paid the quarterly scheduled interest payments, but the ultimate payment of principal was not
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| Brief Excerpt: | RESEARCH Ratings Definitions S&P Corrects, Then Lowers And Withdraws Rating On Ajax Re Ltd.'s Class A Series I Notes Publication date: 11-May-2009 Primary Credit Analyst: Birgitte Andersen, London (44) 20-7176-7056; Birgitte_Andersen@standardandpoors.co...
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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.
Also from S&P Credit Research
- Research Update: Ajax Re Ltd. Class A Series I Notes Rating And Watch Neg Status Unchanged On Timely Interest Payments $175.00
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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 ...
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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 ...
