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S&P: W.R. Berkley notes BBB-
Standard & Poor's said it assigned its BBB- debt rating to W.R. Berkley Corp.'s proposed 5.625% subordinated notes due in 2053.
The agency said it expects W.R. Berkley to use the net proceeds of the issue to repay its $250 million outstanding aggregate principal amount of 6.75% subordinated debentures due 2045 currently held by W.R. Berkley Capital Trust II and for general corporate purposes.
Pro forma for this transaction, and after adjusting for the repayment of the company's $200 million 5.875% notes that matured in February, financial leverage and EBITDA fixed-charge coverage will be about 35% and 5.2x, respectively, and consistent with rating expectations, the agency said.
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