S&P rates Triomphe Re loans BBB-, BB+

Standard & Poor's said it assigned its BBB- preliminary senior secured bank loan rating to Triomphe Re Ltd.'s proposed $24 million term A loan and its BB+ preliminary subordinated bank loan rating to Triomphe Re's proposed $40 million term B loan.

According to the agency, the ratings on the term loans reflect the obligations' very low modeled probabilities of default and the structural provisions that align the interest between Triomphe Re and Paris Re.

Despite being unrated at present, it is expected that Paris Re will benefit from AXA Re's strong competitive position and strong capitalization, the agency said.

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