S&P corrects Arch, Fidelis notes ratings

S&P said it lowered its issue-level rating on the $1 billion of 3.635% senior notes issued June 23 by Arch Capital Group Ltd. to BBB+ from A- and its rating on the $330 million of 4.875% senior notes issued June 12, by Fidelis Insurance Holdings Ltd. to BBB- from BBB.

“We lowered the ratings on these two securities to correct an error in our assessment of potential principal payment risk associated with these instruments at their maturity dates. However, these rating actions don't reflect any deterioration of the financial strength of Arch or Fidelis, nor do they affect our treatment of these bonds in the companies' respective capital adequacy assessments,” S&P said.

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