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March 13, 2009 at 08:00 PM
Scottish Re Group Ltd. says it has met its obligations relating to a series of certificates.
The payments involve $100 million in obligations to holders of Premium Asset Trust Series 2004-4 Certificates, according to Scottish Re, Hamilton, Bermuda.
The PATs, issued by a Scottish Re affiliate, were set to mature March 12.
Scottish Re closed on a deal to sell a large block of reinsurance to Hannover R?ckversicherung A.G. in February.
Scottish Re noted in January that its ability to meet the PATs obligations depended on its ability to complete transactions such as the Hannover Re deal.
Standard & Poor’s Ratings Services, New York, reacted to the announcement that Scottish Re has met the PATs obligations by increasing the counterparty credit rating of the affiliate that issued the PATs, Scottish Annuity & Life Insurance Company (Cayman) Ltd., to CCC minus, from SD, or “selective default,” and by increasing the affiliate’s financial strength rating to CCC minus, from CC.
S&P withdrew its D rating on the PATs, because the securities are no longer outstanding, the rating agency says.
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