S&P rates AXIS notes A-

S&P said it assigned its A- issue-level rating to AXIS Specialty Finance plc's $350 million senior unsecured notes due 2027.

On a pro-forma basis, as of Sept. 30, the issuance of this senior debt will increase AXIS Capital's financial leverage temporarily to about 30%, but this will decline to about 25% by year-end 2019, when the company redeems its existing $250 million debt.

Furthermore, S&P said its expectations for the financial leverage of about 25% and fixed-charge coverage of at least 5x will remain in line with the 2019 forecast and support the ratings.

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