TEXT-S&P assigns prelim ratings to Atlas Reinsurance VII Ltd. Notes

Tue Oct 23, 2012 8:32am EDT

Oct 23 - Standard & Poor's Ratings Services said today it has assigned its 'BB- (sf)' and 'BB (sf)' preliminary ratings to the class A and B notes, respectively, to be issued by Atlas Reinsurance VII Ltd. (Atlas Re). The class A notes cover losses from hurricanes and earthquakes in parts of the U.S. on an annual aggregate basis and the class B notes cover losses from Europe windstorm in certain countries on a per-occurrence basis.

The preliminary ratings are based on the lower of:

-- The rating on the catastrophe risk ('BB-', for the class A notes, and 'BB' for the class B notes);

-- The issuer credit rating on the European Bank for Reconstruction and Development (EBRD) as the issuer of the assets in the collateral accounts ('AAA'); and

-- The risk of nonpayment of the quarterly contract payment from SCOR Global P&C SE (A+/Stable/--).

RELATED CRITERIA AND RESEARCH

All articles listed below are available on RatingsDirect on the Global Credit Portal.

-- Atlas Reinsurance VII Ltd., Oct. 23, 2012

-- Methodology And Assumptions For Rating Natural Catastrophe Bonds, May 12, 2009

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