Fitch rates HCC convertibles A-

Fitch Ratings said it assigned an A- rating to the new 2% convertible exchange notes due 2021 issued by HCC Insurance Holdings Inc. as part of a recently announced exchange offer for its existing $172.4 million outstanding 2% senior convertible notes due April 2021.

The outlook is stable.

The new notes have the same maturity, coupon rate and conversion price as the existing notes. Terms of the new notes defer the date in which HCC can redeem the notes for cash to any date on or after Sept. 1, 2007 from Sept. 1, 2006 previously. Likewise the dates in which noteholders can opt to redeem the notes for cash changes to a first possible date of Sept. 1, 2007 from Sept. 1, 2006.

Fitch said the ratings continue to be based on HCC's market position in a number of specialty insurance segments, as well as the company's strong capital position at its insurance subsidiaries and at the parent holding company, conservative investment profile, adequate loss reserves, and favorable historical underwriting performance.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.