Standard & Poor’s, the rating agency, have issued a briefing regarding the ratings of six of the catastrophe bonds exposed to todays Japanese earthquake. The ratings on the six cat bonds which S&P had assessed will remain unchanged for the time being.
However, S&P say that they will be monitoring the situation and may take appropriate action should it become clear that any of the exposed cat bonds likelihood of default increases. They are waiting for updates from issuers and calculation agents to hear whether the earthquake was a triggering event for any of the transactions.
S&P provide ratings for the following transactions:
View all of our Artemis Live video interviews and subscribe to our podcast.
All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.
Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.
- Atlas VI Capital Ltd. series 2009-1 class A, rated ‘BB- (sf)’;
- Atlas VI Capital Ltd. series 2010-1, rated ‘B- (sf)’;
- MIDORI Ltd., rated ‘BB+ (sf)’;
- Montana Re Ltd. class E notes, rated ‘B- (sf)’;
- Topiary Capital Ltd., rated ‘BB+ (sf)’; and
- Vega Capital Ltd. class A and B notes, both rated ‘A+ (sf)’.