Fitch: OCIL's $50m Avalon Re NY steam loss triggers downgrade
Bermuda-based oil industry mutual Oil Casualty Insurance Ltd (OCIL) is to cede $50m of losses to its Avalon Re securitisation vehicle, triggerig a downgrade of its lower grade notes.
Fitch has downgraded the long-term credit ratings of the class C variable-rate notes of Avalon Re to 'C' from 'CCC-, affecting the $135m of Avalon Re variable-rate notes which form the effective
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