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S&P: Orkney notes on watch
Standard & Poor's said that it placed the unsolicited B rating on Orkney Holdings LLC's $850 million of series A notes on CreditWatch with negative implications.
On April 15, it was reported that Scottish Re Group Ltd. entered into agreements to unwind the subject transaction, the agency said. The settlement will result in noteholders receiving principal payments of about $590 million.
The plan to unwind the transaction involves recapturing the business and ceding it to Hannover Life Reassurance Co. of America, the agency added. This transaction is expected to occur within 30 days.
The current B rating on the notes is based on a financial guaranty insurance policy provided by MBIA Insurance Corp., the agency said.
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