Best Assigns ‘bbb+’ Rating to QBE Notes

September 23, 2004

A.M. Best Co. announced that it has assigned a rating of “bbb+” to the proposed £175 million ($315 million) senior notes due 2009 to be issued by Australia’s QBE Insurance Group Limited, the non-operating holding company for the QBE group.

A.M. Best Co. announced that it has assigned a rating of “bbb+” to the proposed £175 million ($315 million) senior notes due 2009 to be issued by Australia’s QBE Insurance Group Limited, the non-operating holding company for the QBE group.

“At the same time, a rating of “bbb+” has been assigned to the 20-year zero coupon senior convertible securities issued by QBE Funding Trust III Limited and guaranteed by QBE,” said Best. “The issue matures in 2024. This issue raised USD 375 million or approximately AUD 530 million net funds after expenses. The outlook for both ratings is stable.”

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