S&P gives Concord Re loan BB+

Standard & Poor's said it assigned its BB+ senior secured debt rating to Concord Re Ltd.'s term loan debt facility of up to $375 million.

S&P said that the rating reflects the application of its criteria for single-event risk, noting that ratings for securities that expose investors to a loss of principal or interest from a single natural peril are capped at BB+.

Perils that could impair Concord's debt include a New Madrid earthquake or a very severe hurricane in either Florida or along the northern part of the East Coast, S&P said, adding that output from modeling agencies indicates the probability of any of these events occurring is extremely remote.

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