S&P rates RenaissanceRe notes A

S&P said it assigned an A issue-level rating to RenaissanceRe Finance Inc.'s senior unsecured notes due 2027.

RenaissanceRe Holdings Ltd. (A/negative/--) is issuing 10-year senior unsecured notes through subsidiary RenaissanceRe Finance to replace the $250 million senior notes that matured June 1, 2017.

On a pro forma basis, as of first-quarter 2017, the agency expects the issuance to result in slightly higher leverage of about 20% (compared with 19%) and improved fixed charge coverage due to a lower coupon rate than that on the recently matured debt.

These metrics remain in line with S&P’s expectations and are supportive of the ratings.

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