Fitch gives W. R. Berkley notes BBB+

Fitch Ratings said it gave a BBB+ rating to W. R. Berkley Corp.'s $400 million of senior unsecured notes due 2052.

The rating is equivalent to the ratings on Berkley's senior debt, the agency said.

Proceeds are expected to be used to repay at maturity two senior notes maturing in January and March of 2022, respectively, totaling $426.5 million.

“Pro-forma leverage, as of Dec. 31, 2020, is expected to increase to 34.9% on a temporary basis, reflecting the additional senior notes and the previously announced redemption of $110 million of 2056 subordinated notes in 1Q21,” Fitch said in a press release.

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