S&P assigns OneBeacon BBB

Standard & Poor's said it assigned its BBB counterparty credit rating to OneBeacon Insurance Group Ltd.

At the same time, S&P said it assigned its preliminary BBB senior debt, BBB- subordinated debt and BB+ preferred stock ratings to OneBeacon's S-3 universal shelf filing of $1 billion for issuance by OneBeacon and OneBeacon U.S. Holdings Inc.

The outlook is stable.

Currently there is $700 million of senior debt at OneBeacon U.S., which is irrevocably and unconditionally guaranteed by White Mountains Insurance Group Ltd. (BBB/stable), the agency added.

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