The Mexican government has sponsored the first ever catastrophe bond to cover earthquake risk in that country.
Standard & Poor's Ratings Services said Friday that it has assigned its “double-B-plus” credit rating to the $160 million class A and B principal-at-risk notes issued by CAT-Mex Ltd.
The transaction, sponsored by the Mexican government to finance rescue and rebuilding after an earthquake, closed on May 11, at which time ratings were assigned to both classes of variable-rate notes.
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