Fitch affirms Platinum

Fitch Ratings said it affirmed Platinum Underwriters Holding Ltd.'s BBB+ 7.5% senior notes and A- issuer default rating.

The outlook is stable.

The affirmations reflect Platinum's solid capitalization, moderate financial and operating leverage, high-quality and liquid investment portfolio, and history of strong underwriting results, the agency said.

The ratings also reflect challenges in maintaining profitability in a continued competitive insurance pricing environment, the agency added. However, Fitch said it believes that recent events may promote moderate rate improvement in upcoming renewals.

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