OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Greenlight Reinsurance, Ltd. (Greenlight Re) (Cayman Islands) and its affiliate, Greenlight Reinsurance Ireland, Designated Activity Company (Ireland) are unaffected by the recent announcement regarding the proposed offering of $100 million of convertible senior notes, due 2023. Furthermore, the Long-Term ICR of “bbb-” of Greenlight Capital Re, Ltd. (Cayman Islands) [NASDAQ: GLRE] remains unaffected as well. A.M. Best’s last Credit Rating (rating) review of these entities took place on Sept. 28, 2017. The outlook of these ratings remains stable.
Prior to the issuance of these notes, Greenlight Capital Re, Ltd. did not have any outstanding debt. Following the issuance of the notes, the company’s financial leverage will remain well within A.M. Best’s tolerances, as outlined in Best’s Credit Rating Methodology, and will not impact the ratings.
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