S&P rates Endurance Specialty preferreds BBB-

Standard & Poor's said that it assigned a BBB- rating to Endurance Specialty Holdings Ltd.'s (BBB+/stable) $230 million of 7.5% perpetual noncumulative preferred stock issue.

The proceeds from the issuance will support Endurance's underwriting activities and be used for general corporate purposes.

With the new issuance, the pro forma 2010 debt-plus-preferred to capital would have been 26.6%, and EBITDA fixed-charge coverage would have been 6.0 times, the agency said. These leverage and coverage ratios remain supportive of the rating and within expectations.

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