Fitch rates W.R. Berkley notes BBB-

Fitch Ratings said it assigned a BBB- rating to W.R. Berkley Corp.’s issuance of up to $175 million subordinated notes maturing in 2058.

The rating is equivalent to the ratings assigned to the company’s existing subordinated notes.

The notes are rated three notches below Berkley's long-term issuer default rating, reflecting two notches for the baseline recovery assumption of “poor” and one additional notch reflecting the “minimal” non-performance risk assessment, Fitch said.

The notes include an interest deferral feature at the option of the issuer for up to five years.

Based on Fitch's rating criteria, this hybrid debt issuance was not assigned any equity credit, similar to the existing subordinated notes, the agency explained.

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