As Hurricane Isabel hit land Thursday, it appeared unlikely that any catastrophe bonds would suffer damage.

About $1.29 billion in outstanding CAT bonds are subject to risk from Isabel, said James Doona, a director in the insurance group at Standard & Poor's. Most are rated BB or BB+, and the probability of a storm coming along that is significant enough to impact those bondholders is roughly 1%, or once in 100 years, he said.

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