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S&P: OneBeacon notes BBB-
Standard & Poor's said it assigned a BBB- rating to OneBeacon U.S. Holdings, Inc.'s offering of $275 million of 4.6% senior unsecured notes due 2022.
The senior notes will be guaranteed by OneBeacon Insurance Group Ltd., indirect parent of OneBeacon U.S. Holdings.
The existing BBB- ratings on both companies remain unchanged.
The proceeds will be used to redeem all of the company's outstanding 5.875% $270 million senior unsecured notes due May 2013.
The company's interest coverage ratio is likely to improve due to the lower expected coupon on the new debt, S&P said.
The pro forma debt leverage and coverage ratios are expected to remain supportive of the current ratings, the agency said.
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