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-AM Best puts on "developing" review Topiary Capital's "bb+" debt rating.

BANKING AND CREDIT NEWS-March 23, 2011--AM Best puts on "developing" review Topiary Capital's "bb+" debt rating(C)2011 M2 COMMUNICATIONS

23 March 2011 - AM Best placed Tuesday under review with "developing" implications the debt rating of "bb+" assigned to the USD200m (EUR141.2m) series 2008-1 class A principal at-risk variable rate notes, due 5 August 2011, of Cayman Islands-based Topiary Capital Ltd.

The rating action follows the receipt of an activation notice from the issuer asking the calculation agent, Risk Management Solutions, to say whether an activation event or loss event has occurred due to the earthquake in Japan on 11 March, the service specified.

The notes provide Bermuda-based reinsurer Platinum Underwriters Bermuda Ltd with up to USD200m in second and subsequent event coverage for qualifying US hurricane, US earthquake, Europe windstorm and Japan earthquake events over a period of three years.

The agency could take further rating action, when the calculation agent determines whether an activation event has taken place.

((Comments on this story may be sent to>PDMarch 23, 2011>JNBANKING AND CREDIT NEWS.PRICEDATENOT APPLICABLE.DAY

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 23, 2011
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