AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) to the forthcoming $350 million, 3.150% senior unsecured notes, due September 2061, to be issued by W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE: WRB]. The outlook assigned to this Credit Rating (rating) is stable.
Proceeds will be used for general corporate purposes. Following the issuance of the notes, WRB’s financial leverage is expected to remain within AM Best’s guidelines for the assigned rating. Debt-to-total capital will measure 27.2%, adjusted for equity credit for hybrid securities, and coverage metrics also will remain within AM Best’s guidelines at just over five times.
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