S&P: W.R. Berkley notes BBB+

Standard & Poor's said it assigned a BBB+ senior unsecured debt rating to W.R. Berkley Corp.'s proposed issue of $325 million of 4.625% senior unsecured notes due in 2022.

The proceeds will be used for general corporate purposes and to prefund the repayment of its $200 million of outstanding notes.

This debt issue will result in an increase in financial leverage and a decrease in fixed-charge coverage.

However, excluding the debt earmarked for the repayment of $200 million notes due in February 2013, the company's credit measures are consistent with expectations.

The ratings reflect the company's strong operating performance, well-diversified competitive position and strong liquidity, S&P said.

Offsetting these strengths are the company's somewhat aggressive financial leverage and operating-company capital level, the agency said.

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