Standard & Poor’s Ratings Services has assigned the following bank loan ratings to Emerson Reinsurance Co. Ltd.’s proposed four bank loans totaling $550 million:
— Loan A ($185 million, maximum modeled probability of attachment 0.7 of basis point; (bp) rated ‘A’.
— Loan B ($140 million, 15.6 bps) rated ‘BBB-‘.
— Loan C ($165 million, 90.4 bps) rated ‘BB+’.
— Loan D ($60 million, 140 bps) rated ‘BB’.
“The differences in ratings reflect the probabilities of the debt becoming impaired,” explained S&P credit analyst James Brender. The ratings are preliminary pending review of final legal documents related to the transaction. Emerson Re is a limited-life, special-purpose Class-B reinsurance company [side car] domiciled in the Cayman Islands established specifically to provide reinsurance protection to CIG Reinsurance Ltd. and New Castle Re Ltd. collectively, the cedants.
Was this article valuable?
Here are more articles you may enjoy.
Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete 
WR Berkley Founder and Executive Chairman Dies at 80 
Howard Hughes Holdings Completes $2.1B Acquisition of Re/insurer Vantage Group 
MMA Alleges Broker Patriot Poached 11 Surety Team Members 
