Moody's: No change to Alterra

Moody's Investors Service said it affirmed the A3 insurance financial strength rating of Alterra Bermuda Ltd. and the Baa2 senior debt ratings for subsidiaries of Alterra Capital Holdings Ltd.

The agency said the outlook on the financial strength rating remains stable and the outlook on all debt ratings has been changed to negative from stable.

Moody's said the rating action follows the announcement that Markel Corp. has agreed to buy Alterra, subject to shareholder and regulatory approvals.

The agency said the affirmation of Alterra's financial strength and debt ratings reflects a weaker credit profile following the merger, but one that still remains consistent with current rating levels.

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