Fitch rates W.R. Berkley notes BBB+

Fitch Ratings said it assigned a BBB+ rating to W.R. Berkley Corp.'s new issue of $300 million of 5.375% senior unsecured notes due 2020.

Fitch said it has also affirmed all ratings for Berkley and related property/casualty operating subsidiaries, adding that these ratings include the A- issuer default rating for Berkley, as well as its senior debt, subordinated debt, and Insurer financial strength ratings.

The outlook is stable.

Berkley intends to use the net proceeds of the issuance for general corporate purposes, Fitch said, noting that it estimates that following the new debt issuance and repayment of its $150 million of debt maturing Sept. 30, 2010, Berkley's equity-adjusted debt-to-total capital ratio could increase to 28.6% from 26.6% at June 30.

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