A.M. Best Co. announced that it has assigned a debt rating of “bbb-” to the U.K.’s BritInsurance Holdings PLC’s (BIH) forthcoming £150 million ($260 million) issue of nominal 25 year subordinated notes. The outlook for the rating is stable.
“The majority of the funds are intended to support the group’s planned growth in an anticipated hardening market in 2006, following hurricanes Katrina and Rita,” said Best. “Additionally, BIH intends to redeem £40 million [$70 million] of 8.5 percent subordinated notes either early or on maturity in 2008, and use up to £20 million ($ 34 million) to pay down the group’s pension deficit.”
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