Moody's: Alleghany notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to approximately $400 million of senior unsecured notes due 2022 to be issued by Alleghany Corp.

Net proceeds of the notes offering will be used to repay Transatlantic Holdings, Inc.'s maturing debt in 2015 and for general corporate purposes.

Moody's said the Baa2 rating on the debt issuance primarily reflects the underlying credit profiles of Alleghany's principal subsidiary insurance operations, as well as the holding company's investment portfolio and its financial leverage profile.

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