Rating Recap: Cathedral (Syndicate 2010)

A.M. Best Co. has affirmed the Best’s Syndicate Rating of “A” (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 2010. Best also upgraded the ICR to “bbb+” from “bbb” on Cathedral Capital Holdings Limited, the non-operating intermediate holding company of the Cathedral group of companies. The actions reflect “its strong, stable earnings,” said Best. The ratings agency has also upgraded the associated debt ratings “bbb” from “bbb-” on the $10 million and the € 12 million ($16.8 million)1floating rate subordinated notes due 2034 issued by Cathedral. In addition Best assigned debt ratings of “bbb” to both tranches of $25 million floating rate subordinated notes due 2035 issued by Cathedral. The outlook for all ratings is stable