S&P: Aiolos notes on watch

Standard & Poor's said it placed its BB+ senior secured debt rating on the €110 million variable-rate notes issued by Aiolos Ltd. on CreditWatch with negative implications.

Aiolos is a special-purpose reinsurance company, the notes of which are linked to European windstorm, the agency said.

S&P said it put the rating on CreditWatch negative because Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft, as counterparty to an ISDA-documented contract with Aiolos, has notified Aiolos that it wants to determine if Kyrill is a covered event.

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