Standard & Poor's Ratings Services said yesterday that it assigned a "triple-B-minus" counterparty credit rating to Flatiron Re Ltd., marking the first time a sidecar was rated by the New York-based rating firm.
S&P also assigned a "double-B-plus" senior secured debt rating to Flatiron Re's $256 million term loan facility.
Flatiron Re is a limited-life, special-purpose Class 3 Bermuda reinsurer, which was set up specifically to offer reinsurance to Arch Reinsurance Ltd., S&P said.
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