S&P rates Hiscox notes BBB+

S&P said it assigned a BBB+ rating to Hiscox Ltd.'s proposed issuance of senior unsecured notes due in December 2022.

The proceeds will be used to optimize the company's liquidity position and for general corporate purposes, the agency said.

The rating reflects the standard notching for senior debt issues, which is at the same level as the company's long-term issuer credit rating on the issuer, S&P said.

The notes will not qualify for credit as down-streamed double leverage in the capital model, the agency said, as the notes do not receive capital credit from the Bermudan regulator.

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