A.M. Best Co. has assigned an “a+” rating to the proposed perpetual step up-loan notes (approximately USD 500 million issued in AUD) to be issued by ELM B.V., a bankruptcy remote repackaging vehicle based in the Netherlands. They are to be secured over perpetual subordinated step-up loan notes issued by Swiss Reinsurance Company. The rating outlook is negative.
The rating of this instrument reflects its deeply subordinated nature and the financial strength of the collateral obligor and guarantor, respectively. A.M. Best will credit these hybrid securities up to a limit of 20 percent of total adjusted capital.
Was this article valuable?
Here are more articles you may enjoy.
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
Endless Shrimp Deal Was Scheme to Squeeze Red Lobster, Suit Says 
Viewpoint: Why Florida Property Insurance Rates Might (and Might Not) Keep Falling 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
