Moody's rates Aspen Piers Ba1

Moody's Investors Service said it assigned a Ba1 rating to $200 million perpetual Preferred Income Equity Replacement Securities issued by Aspen Insurance Holdings Ltd.

The A2 insurance financial strength ratings of Aspen Insurance UK Ltd. and Aspen Insurance Ltd., the principal operating entities of the group, and the Baa2 senior debt rating of Aspen Insurance Holdings are on review for possible downgrade. Consequently, the newly assigned rating will also be on review for possible downgrade until such time as these ratings are resolved, the agency said.

The rating reflects the instrument's preferred claim in liquidation.

Moody's said it will treat the instrument as 50% equity and 50% debt in the adjusted financial leverage calculation. Basket C treatment reflects the perpetual maturity, optional non-cumulative interest deferral and deep subordination of the instrument, the agency said.

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