S&P rates ProAssurance notes BBB+

Standard & Poor's said it assigned its BBB+ senior debt rating to ProAssurance Corp.'s proposed $250 million 10-year senior notes due in 2023.

The agency expects ProAssurance to use the proceeds from these offerings for general corporate purposes, which may include capital management initiatives.

S&P said it views ProAssurance's financial flexibility as strong, with broad access to capital markets as a publicly traded company. It expects financial leverage to be less than 15% and its coverage to be more than 6x.

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