S&P assigns AXIS notes A-

Standard & Poor's said it assigned its A- senior debt rating to AXIS Capital Holdings Ltd. $500 million senior unsecured note issuance.

The offering comprises $250 million in notes due in 2019 and $250 million in notes due in 2045.

The agency expects the company to use the net proceeds of this issue to repay $500 million of 5.75% senior notes maturing on Dec. 1, 2014.

The notes will be issued by AXIS Specialty Finance plc (not rated) and fully and unconditionally guaranteed by the ultimate parent company, AXIS Capital Holdings Ltd.

The company is holding its existing debt due in 2014 to maturity and proceeding with the new issuance. S&P believes this will result in deteriorating financial leverage and fixed-charge coverage metrics, but only temporarily.

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