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NEW YORK–While innovative catastrophe bonds are being structured around risks other than U.S. hurricanes, Standard & Poor’s is not comfortable rating all possible deals being dreamed up by issuers and securities firms, the rating agency said.

During S&P’s “Insurance-Linked Securities Conference” in New York last week, David Zuber, an S&P director, said examples of bonds the rating agency hesitates to rate include those linked to U.S. wildfires, to earthquakes in China and to terror risks throughout the world, as well as some bonds structured to respond to insurer-specific exposures.

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