Fitch rates SiriusPoint notes BBB-

Fitch Ratings said it assigned a BBB- rating to the recently announced senior unsecured notes to be sold by SiriusPoint Ltd. (SPNT).

Fitch said the notes are expected to qualify as tier 3 regulatory capital.

“Consistent with Fitch's approach for SPNT's other unsecured senior notes, the securities are rated one notch below SPNT's long-term issuer default rating (IDR; BBB/stable). This reflects ‘below average’ recovery expectations, consistent with standard criteria assumptions,” the agency said in a press release.

The company plans to use the proceeds to fund the purchase and redemption of its $400 million of 4.6% senior notes due Nov. 1, 2026, with anything left for general corporate purposes. This may also include the announced redemption of SPNT's $115 million of 7% senior notes due Feb. 13, 2025.

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