S&P Rates First Series In Munich Re's Cat Bond Shelf Program Carillon - 2006/06/19 - S&P Credit Research

Report title: S&P Rates First Series In Munich Re's Cat Bond Shelf Program Carillon

from S&P Credit Research
1409 word report published Jun 19, 2006

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Abstract:

LONDON (Standard & Poor's) June 19, 2006ùStandard & Poor's Ratings Services said today that it assigned its senior secured debt ratings to the principal at-risk variable-rate notes issued under Munich Reinsurance Co.'s (Munich Re) newly established shelf program, Carillon Ltd. This is the first series of notes issued under this program (see list below). The program closed today and the notes were issued. Through this transaction Munich Re has bought fully collateralized protection against high severity losses incurred from U.S. hurricanes and will be able to purchase more in the future. 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

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RESEARCH Ratings Definitions S&P Rates First Series In Munich Re's Cat Bond Shelf Program Carillon Publication date: 19-Jun-2006 LONDON (Standard & Poor's) June 19, 2006ùStandard & Poor's Ratings Services said today that it assigned...

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Issuer:

Carillon Ltd.

Sector:

Asset-Backed Securities, Global Issuers, Insurance, Structured Finance

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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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On Sept. 30, 2008, Standard&Poor's Ratings Services lowered its rating on Carillon Ltd.'s class A-1 principal-at-risk variable-rate series I notes to 'CC' from 'BB-'. The rating remains on CreditWatch with negative implications. We placed the ...
'B' Rating Assigned To E Notes In Carillon Ltd.'s Second Issue Covering Hurricane Losses $100.00
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 ...

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