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Glacier Re's 2008 Nelson Re cat bond has had two tranches of its notes removed from review for a possible downgrade by Moody's.

The ratings agency determined the notes are unlikely to be hit by Windstorm Xynthia losses and are not negatively impacted by recent upheaval at the Swiss reinsurer.

Moody's confirmed the $45mn Class H notes at B3 and the $67.5mn Class I notes at B1 with stable outlooks.

It added that the average limit per underlying contract has...

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