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S&P drops KAMP RE notes to D
Standard & Poor's said it revised its CC senior secured debt rating on KAMP RE 2005 Ltd.'s $190 million floating-rate principal-at-risk notes to D.
The rating had been on CreditWatch with negative implications.
On Nov. 5, S&P said it said that it had received a copy of a proof-of-claim notice from the administrator for KAMP RE, adding that this claim put the ultimate net losses associated with Hurricane Katrina in excess of the transaction's $1 billion trigger amount. KPMG Cayman Islands, the claims-review agent, has verified that the paid losses incurred by the cedent are in excess of the transactions trigger amount of $1 billion.
On Dec. 14, the outstanding principal amount of the notes will be reduced by $29,739,094.44 and the remaining unpaid balance will be $160,260,905.56, S&P said, noting that it expects that the principal reductions will continue and that there will be a full loss of principal.
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