Abstract: 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 Ltd.'s class A-1 principal-at-risk variable-rate notes were lowered to 'CC' from 'BB', and the CreditWatch placement on these ratings was retained with negative implications. The ratings on Newton Re Ltd.' s class A 2008-1 principal-at-risk variable-rate notes and Willow Re Ltd.'s class B 2007-1 notes were lowered to 'CCC' from 'BB' and 'BB+', respectively, and the CreditWatch implications on these ratings were revised to developing from negative. We placed the ratings on CreditWatch negative on Sept. 15, 2008, because of the notes'

Brief Excerpt: RESEARCH Ratings Definitions Ratings On Four Natural Peril Catastrophe Bonds Are Lowered And Remain On CreditWatch Publication date: 30-Sep-2008 Primary Credit Analysts: Cameron Heath, London (44) 20-7176-7053; cameron_heath@standardandpoors.com...

Report Type: News
Issuer: Ajax Re Ltd.
Sector: Asset-Backed Securities, Global Issuers, Insurance, Structured Finance
Country: Cayman Islands
Region: Latin America
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 S&P Credit Research
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.