S&P assigns Mystic Re notes BB+

Standard & Poor's said it assigned its BB+ senior secured debt rating to the $200 million class A series 2006-1 principal at-risk variable rate notes issued by Mystic Re Ltd.

The agency said that the rating is based on the modeled probability of attachment and the structured analysis.

S&P noted that this is the first issuance under Mystic's newly establish $750 million principal at-risk variable rate note program, adding that the proceeds from the issuance of the notes will provide Liberty Mutual Insurance Co. (A/stable/A-1) with a source of index coverage for hurricanes in the covered area on a per occurrence basis over a three-year period.

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