Moody's gives Baa1 to AXIS notes

Moody's Investors Service said it assigned a Baa1 rating to AXIS Specialty Finance plc's (UK) $250 million of 2.65% senior notes due April 1, 2019 and $250 million of 5.15% senior notes due April 1, 2045.

The notes are backed by an unconditional guarantee from the ultimate parent company, AXIS Capital Holdings Ltd. (Baa1 senior unsecured).

The company intends to use the net proceeds to repay, at maturity, the outstanding $500 million of 5.75% senior notes due December 2014. Moody's currently rates AXIS Capital's principal operating subsidiaries A2 for insurance financial strength.

The outlook is stable.

"Moody's Baa1 rating on the senior notes of AXIS Specialty Finance plc (UK) reflects the full and unconditional guarantee from the ultimate parent, as well as ample credit support and dividend capacity from the group's operating subsidiaries," said Kevin Lee, Moody's lead analyst for AXIS Capital, said in a news release.

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