An issue of floating-rate notes, the payouts for which are linked to an index of California earthquakes, was assigned a “BB” rating by S&P. The annual probability that monies in the collateral account would be required to pay claims was estimated at 1.13 percent, and the 22-month probability was estimated at 2.08 percent. Seismic Ltd., a Cayman Islands exempted company, is the issuer.
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