Fitch assigns Berkley's notes BBB+

Fitch Ratings said it has assigned a BBB+ rating to W.R. Berkley Corp.'s new issue of $300 million of 7.375% senior unsecured notes due 2019.

The outlook is negative.

According to the agency, Berkley intends to use the net proceeds of the issuance for general corporate purposes, including the potential repurchase of common stock and the repayment of indebtedness.

Such indebtedness may include Berkley's $150 million of 5.125% senior notes, which mature on Sept. 30, 2010, the agency said.

Fitch added that it estimates that following the new debt issuance, Berkley's equity-adjusted debt-to-total capital ratio could increase to the high 20%'s from roughly 24% at June 30.

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