Moody’s rates W. R. Berkley notes Baa2

Moody’s Investors Service said it assigned a Baa2(hyb) rating to about $250 million of 40-year subordinated notes issued by W. R. Berkley Corp.

Proceeds are expected to be used to redeem the company’s remaining $150 million of subordinated debentures due 2053 and for general corporate purposes.

“Following the September 2020 maturity of $300 million of senior notes and the redemption of the aforementioned subordinated debentures, the company’s pro forma financial leverage will remain in the low- to mid-30% range, within our expectations. The five-year average earnings coverage of interest remained solid at about 6.2x as of 2019,” Moody’s said in a press release.

The outlook is stable.

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