Moody's rates Aspen notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to the recent $250 million senior debt issue of Aspen Insurance Holdings Ltd.

The outlook is stable.

The proceeds will be used for general corporate purposes.

Moody's said that the issuance will meaningfully increase Aspen's financial leverage from around 14% to around 19% and its interest expense will also increase.

However, leverage will still be relatively low, Moody's said, and going forward the agency expects the group's earnings cover to remain within the A category and overall financial flexibility to remain good.

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