OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to the $300 million, 4.125% subordinated debentures, due February 2061, recently announced by W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE:WRB]. The outlook assigned to the Credit Rating (rating) is stable.
Proceeds will be used for redemption of WRB’s 5.9% subordinated notes, due April 2056 and general corporate purposes. Following the issuance of the 2061 debentures and completion of the redemption of the above notes, WRB’s financial leverage is expected to remain within AM Best’s guidelines for the assigned rating. Debt-to-total capital will measure 23.1%, adjusted for equity credit for hybrid securities. Unadjusted debt-to-total capital will measure 29.8%. Coverage metrics also will remain within AM Best’s guidelines for the assigned rating.
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