Standard & Poor's Ratings Services said yesterday that itassigned a "triple-B-minus" counterparty credit rating to FlatironRe Ltd., marking the first time a sidecar was rated by the NewYork-based rating firm.

S&P also assigned a "double-B-plus" senior secured debtrating to Flatiron Re's $256 million term loan facility.

Flatiron Re is a limited-life, special-purpose Class 3 Bermudareinsurer, which was set up specifically to offer reinsurance toArch Reinsurance Ltd., S&P said.

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