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S&P rates W.R. Berkley notes BBB+
Standard & Poor's said it assigned its BBB+ senior unsecured debt rating to W.R. Berkley Corp.'s (BBB+/stable) proposed issue of $300 million of 5.375% senior unsecured notes, which are due in 2020.
The agency said that W.R. Berkley will use the net proceeds of the issue for general corporate purposes, adding that this debt issue will result in a temporary increase in financial leverage and a decrease in fixed-charge coverage.
However, excluding the debt of a $150 million aggregate principal amount of 5.125% notes due in Sept. 2010, W.R. Berkley's credit measures are consistent with rating expectations, the agency noted.
The ratings reflect Berkley's strong operating performance; strong, well-diversified competitive position and strong liquidity, S&P said.
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