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S&P assigns BBB+ to W. R. Berkley notes
Standard & Poor's said it assigned its BBB+ senior debt rating to W. R. Berkley Corp.'s proposed $300 million senior unsecured notes, which are due in 2019.
The company will use the net proceeds of the issue to retire its $150 million principal amount 5.125% senior notes due September 2010, as well as for general corporate purposes.
S&P said the debt issue will result in a temporary increase in financial leverage and a decrease in fixed-charge coverage until the September 2010 notes are repaid. However, excluding the debt proceeds earmarked for the repayment of the September 2010 notes, credit measures are consistent with rating expectations.
The outlook remains stable.
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