S&P concludes cat bond RMSv11 reassessment
RATING agency Standard & Poor’s has downgraded five more catastrophe bond tranches, one at Foundation Re III, three at Lodestone Re and one at Calabash Re, thus concluding its reassessment of the 16 tranches put under Creditwatch Negative on April 18 following the release of cat modeller RMS’s V11 US hurricane model.