S&P rates Endurance Specialty preferreds BB+

Standard & Poor's said it assigned its BBB senior debt rating to Endurance Specialty Holdings Ltd.'s proposed $200 million in 10-year senior notes and its BB+ preferred stock rating to the company's proposed $200 million in perpetual preferred equity.

At the same time, S&P affirmed its BBB counterparty credit rating on Endurance Specialty and its A- counterparty credit and financial strength ratings on the company's subsidiaries: Endurance Specialty Insurance Ltd., Endurance Worldwide Insurance Ltd. and Endurance Reinsurance Corp. of America.

The outlook on all these companies remains positive.

S&P said major rating factors include that Endurance has a strong competitive position based on its market position and diversified operations; capitalization is strong; Endurance's track record is limited; the group has minimal reinsurance protection; and new transactions might not result in the same strong operating performance as the historical book yielded.

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