CORRECTION: S&P RMS Cat Bond CreditWatch

Standard & Poor’s has issued a corrective statement concerning one of the cat bond ratings listed in the bulletin it issued on April 18.

The Series 2011-1 Class A notes, rated BB+ (sf)/Watch Neg BB+ (sf) issued by Foundation Re III Ltd., should not have been included, as they were “not modeled by Risk Management Solutions Inc.” S&P said.

Source: Standard & Poor’s