Part of the catastrophe bond issued by Montana Re to protect Flagstone Re from Japanese earthquake and typhoon risk has been placed on credit watch by Standard & Poor's.
S&P placed its B- rating on the $60m Montana Re 2010-1 class E notes on creditwatch with negative implications, following the issuer's submission of an activation notice to Risk Management Solutions (RMS) related to the 11 March 2011 earthquake in Japan, the credit rating agency said in a statement on Monday.
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