Ratings Recap: Blue Ocean Re

Standard & Poor’s Ratings Services has raised its letter of credit (LOC) rating on Blue Ocean Re Ltd.’s $50 million LOC facility to “A-1+” from “A-1.” In April S&P affirmed its “BBB+” senior secured debt rating on Blue Ocean’s senior secured $75 million loan (term loan). “The differences in ratings reflect the probability of the debt becoming impaired,” S&P noted. It also indicated that the “upgrade and affirmation” resulted following S&P’s “analysis of Blue Ocean’s latest business plan,” according to credit analyst James Brender