Standard & Poor’s have today, as promised, assigned the official credit ratings to the two tranches of French windstorm catastrophe bond notes issued recently by Pylon II Capital Ltd. The €150m transaction provides Electricite De France (better known as EDF), a leading energy and electricity generation firm, with five years of reinsurance protection against windstorms in France.
The transaction actually completed last week, you can read our coverage here, but at the time S&P said that they had not affirmed the deals preliminary ratings due to an administrative oversight regarding Standard & Poor’s SEC Rule 17g(5) related processes. They said the assigning of ratings would be postponed until today.
As expected, the ratings haven’t changed from the preliminary ratings given when the deal first came to market. The two tranches of notes, €65m of Class A notes and €85m of Class B notes, issued by Pylon II Capital have been assigned confirmed ratings of ‘B+’ and ‘B-‘ respectively.
Details of all catastrophe bond transactions can be found in our Deal Directory.