Fitch: OneBeacon notes BBB

Fitch Ratings said it assigned a BBB rating to OneBeacon U.S. Holdings, Inc.'s new $275 million issue of 4.6% senior notes due 2022.

The outlook is stable.

All of the other ratings of OneBeacon and its subsidiaries are not affected, including its issuer default rating of BBB+ and the BBB rating on its $270 million 5.875% notes due May 15, 2013.

The proceeds will be used to repay the $270 million senior notes due May 15, 2013. As a result, Fitch said it expects OneBeacon's financial leverage to remain modest following the refinancing and in line with its financial leverage ratio of 20.2% at the end of September.

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