Fitch Revises Rating Watch on Scottish Re to Positive.CHICAGO -- Fitch Ratings has revised the Rating Watch on the following ratings of Scottish Re Group Ltd. (NYSE NYSE See: New York Stock Exchange :SCT Sacrococcygeal teratoma (SCT) A tumor occurring at the base of the fetus's tailbone. Mentioned in: Prenatal Surgery ) to Positive from Evolving: --Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) 'B+'; --7.25% Non-cumulative perpetual preferred stock 'B-/RR6'. The Rating Watch on SCT was revised following the completion of the $600 million investment transaction with MassMutual Capital Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , (MassMutual Capital) and affiliates of Cerberus Capital Management, L.P. (Cerberus). Following upcoming meetings with management, including representatives from MassMutual Capital and Cerberus, Fitch expects to review SCT's financial, business and operating profile and plans, following the investment cited above. Following this review, which is expected to be completed within the month of May, Fitch may resolve the Rating Watch by upgrading SCT's ratings or affirming them with a Stable Outlook. Fitch also placed the following ratings on Rating Watch Positive from Rating Watch Evolving: Scottish Annuity & Life Insurance Company (Cayman) Limited --Insurer financial strength (IFS) rating 'BB+'. Scottish Re (U.S.) Inc. --IFS 'BB+'. Scottish Re Limited --IFS 'BB+'. Stingray stingray: see ray. stingray or whip-tailed ray Any of various species (family Dasyatidae) of rays noted for their slender, whiplike tail with barbed, usually venomous spines. Pass Through Trust --$325 million 5.902% collateral facility securities due Jan. 12, 2015 'BB+'. Fitch's Recovery Ratings (RR) are a relative indicator of creditor recovery prospects on a given obligation within an issuers' capital structure in the event of a default. A broad overview of Fitch's RR methodology as it relates to specific sectors can be found at www.fitchratings.com/recovery. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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