Crystal Credit Ltd. still likely to default

Share

Standard & Poor’s has delivered its latest update on the Crystal Credit Ltd. transaction which transferred a portfolio of Swiss Re’s credit reinsurance treaty risk to the capital markets via an insurance linked securitization. Losses on those treaties have been high and the transaction has already had its ratings downgraded by S&P. They’ve been delivering regular updates as and when they’ve received new data from Swiss Re on the actual loss experience.

The latest report from S&P concludes that Crystal Credit is still likely to default. Losses in the 4th quarter of 2009 were inline with expectations and it still expects that losses on the Class C notes will be higher than the attachment point meaning that the principal will more than likely not be repaid in full at maturity.

You can find the full report over on the Standard & Poor’s website.

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.

Read previous post:
Tradition Re hedges Florida hurricane risk using Dutch auction

Tradition Re has announced the completion of the first Dutch auction for Florida hurricane windstorm risks. The deal allowed an...

Close