LONDON--(BUSINESS WIRE)--A.M. Best Europe – Rating Services Limited has assigned a debt rating of “bb+” to the USD 150 million 7.25% preference shares, issued by Aspen Insurance Holdings Limited (Aspen) (Bermuda). The outlook is stable. All other ratings on Aspen entities and related debt issues remain unchanged.
A.M. Best expects the net proceeds from the offering to be used to support the Aspen group’s liquidity requirements and support its expansion in the United States. The perpetual preference shares have a coupon rate of 7.25% per annum and are non-callable for five years. Financial and debt leverage ratios are expected to remain within A.M. Best’s tolerance levels.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilised include “A.M. Best’s Ratings & the Treatment of Debt”. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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