S&P assigns Fidelis notes BB+

S&P said it gave its BB+ issue rating to Fidelis Insurance Holdings Ltd.'s $105 million of 6 5/8% junior subordinated notes due 2041.

The rating is two notches below Fidelis’ issuer credit rating, reflecting subordination and deferability of interest payment, the agency said.

The planned offering received tier 2 capital treatment under the Bermuda Monetary Authority's capital requirement rules.

Fidelis intends to use the proceeds for general corporate purposes and to possibly repurchase a portion of its outstanding 9% preferred shares.

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