S&P ups Everglades Re notes

S&P said it raised its issue credit rating on Everglades Re Ltd.'s series 2014-1 notes to B+(sf) from B(sf).

The action follows the agency’s review of the reset report for the upcoming final risk period that begins on June 1, 2016, the probability of attachment for the upcoming risk period and the expiration of the variable reset feature.

The transaction includes a variable reset feature that permits the probability of attachment to range between 2.74% and 3.04% (base case analysis), and for upcoming risk period, it's 2.74%. The attachment probability, based on the warm sea surface temperature analysis for the upcoming risk period, is 3.14%. Because the transaction is entering its final risk period, the variable reset is no longer applicable and the rating will be based on the updated modeled results, S&P said.

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