Standard & Poor's issued a report last week on the minimal impact that recent hurricanes have had on future flow transactions in the Caribbean, Mexico and Central America. In the region, the agency rates deals backed by credit cards and diversified payment rights (DPRs), which refers to electronic money flows handled by banks.

Jamaica was the only country with rated deals to suffer damage from the string of hurricanes that bore down on the Gulf region over the last few months. Despite that, a $200 million credit card-backed deal originated by National Commercial Bank Jamaica came out only a little scratched. "Receivable levels have only dipped slightly in September from historical levels," said Gary Kochubka, a director of structured finance at S&P.

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