NEW YORK--(BUSINESS WIRE)--Fitch Ratings has removed from Rating Watch Positive and upgraded the Alamo Re Ltd. series 2014-1 class A principal at-risk variable rate notes as follows: --$400,000,000 principal at-risk variable rate notes (expected maturity June 7, 2017) to 'B+sf' from 'Bsf'. A Stable Rating Outlook has been assigned. KEY RATING DRIVERS The notes are exposed to insured catastrophe losses due to 'named storms' and its ensuing perils (such as wind, gusts, hail, rain, tornadoes) on a