A.M. Best Assigns Debt Ratings to Alleghany Corporation’s New Senior Unsecured Notes
OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a debt rating of “bbb+” to $300 million of senior unsecured notes issued by Alleghany Corporation (Alleghany) (headquartered in New York, NY) [NYSE:Y]. The outlook assigned to the ratings is positive.
The newly issued 30-year senior notes have a coupon of 4.9% and are due in 2044. The proceeds of the issuance are expected to be utilized to redeem a portion of the senior notes of Alleghany’s subsidiary, Transatlantic Holdings, Inc., which are due in December 2015. Alleghany’s financial leverage and coverage ratios remain at comfortable levels and are within A.M. Best’s guidelines for its current rating.
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. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.