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Two annual aggregate tranches of outstanding Residential Re cat bonds have been downgraded by ratings agency Standard & Poor's (S&P) after thunderstorm losses accrued to sponsor USAA.

S&P downgraded the $110mn Res Re 2012 class 5 notes from BB to BB- and the $160mn 2011 class 5 series was downgraded from BB- to B, with each tranche on negative CreditWatch.

Two major June thunderstorms (PCS catastrophe numbers 77 and 78) resulted in ultimate net loss estimates of $95mn and $45mn...

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