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S&P rates W.R. Berkley notes BBB-
S&P said it assigned a BBB- rating to W.R. Berkley Corp.’s subordinated notes due in 2056, reflecting the subordinated effect of deferrable coupons.
The proceeds will be used for general corporate purposes.
The agency also said it expects much of the proceeds to be earmarked to repay its senior notes due 2019.
Pro forma for this transaction, the company’s financial leverage and EBITDA fixed-charge coverage for 2016 will be about 34% and 6x, respectively, S&P said.
Over the next few years as the senior notes mature, the agency said it expects leverage to decline progressively by 2019.
The ratings reflect the company’s strong business risk profile, low volatility, diversified businesses and market position in the low-limit specialty business, S&P said.
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