BALLANTYNE RE DEFAULTS ON NOTE REPAYMENT — DOWNGRADED BY S&P
Ballantyne Re, the special purpose vehicle used by Scottish Annuity & Life to finance the excess reserving associated with certain blocks of business ceded by Scottish Re (US) that fall subject to the statutory reserve requirements of the US Regulation XXX regime, has defaulted on a Class A-1 note where interest was due on January 2.