S&P gives Longpoint note BB+

Standard & Poor's said it assigned its BB+ senior secured debt rating to Longpoint Re Ltd.'s $500 million class A series 2007-I variable-rate note issuance.

The notes are the initial offering under Longpoint Re's variable-rate note program, the agency said.

"The rating on the series is based on the probability of attachment as modeled by Risk Management Solutions," said S&P credit analyst Gary Martucci.

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