As promised on Monday when they suspended its rating, Standard & Poor’s have reinstated the rating on the Queen Street III Capital Ltd. catastrophe bond which provides Munich Re with protection amounting to $150m of their European windstorm risks.
S&P suspended the rating due to ‘an administrative oversight regarding Standard & Poor’s SEC Rule 17g(5)-related processes’. We’re still not sure exactly what the oversight was but all is back to normal now and Queen Street III Capital now has its ‘B+’ rating back for its$150m of notes.
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