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S&P rates RLI notes BBB+
Standard & Poor's said it assigned BBB+ senior debt ratings to RLI Corp.'s proposed $150 million 10-year senior notes issuance due in 2023.
S&P also said it affirmed the BBB+ rating on RLI's existing senior unsecured notes.
The agency said it expects RLI to use the proceeds to pay down its existing $100 million notes that are due in January 2014 and for general corporate purposes.
RLI's financial flexibility is strong and neutral to the rating, S&P said.
The agency said it expects RLI's financial leverage to be less than 25% and fixed-charge coverage to be more than 10x in 2013 to 2015, the agency said.
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