Preliminary ratings unchanged for MultiCat Mexico 2009 cat bond

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Standard & Poor’s reports that the preliminary ratings it assigned to the MultiCat Mexico 2009 catastrophe bond are to remain the same despite a change to the way AIR Worldwide is modelling the hurricane risk associated with it.

Since the preliminary ratings were first assigned AIR Worldwide has corrected its modelling by adding a second step which identifies two further historical hurricane events (Madeline in 1976 and Ivan in 2004). Both these newly added storms would have caused the class C and D notes to attach under this transaction, thus the modelled probability of attachment has increased slightly. S&P haven’t found this change enough to warrant changing the ratings on the transaction.

You can read more about MultiCat Mexico 2009 in the Artemis Deal Directory.

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