A.M. Best Assigns Ratings to Maiden Holdings North America, Ltd. and its Senior Debt
March 27 2012 - 11:03AM
Business Wire
A.M. Best Co. has assigned an issuer credit rating of
“bbb-” to Maiden Holdings North America, Ltd. (Maiden NA)
(Delaware), a direct, wholly owned subsidiary of Maiden
Holdings, Ltd. (Maiden Holdings) (Hamilton, Bermuda) [NASDAQ:
MHLD]. Concurrently, A.M. Best has assigned debt ratings of “bbb-”
to the recently issued $100 million 8.0% senior unsecured notes due
March 2042 and to the $107.5 million 8.25% senior unsecured notes
due June 2041 (issued in June 2011) of Maiden NA. These senior
notes are fully and unconditionally guaranteed by Maiden Holdings.
The outlook assigned to all ratings is stable. All remaining
ratings of Maiden Holdings are unchanged.
The proceeds from these recent issuances will be used for
general corporate purposes. Based on the new debt offering, Maiden
Holdings’ adjusted debt-to-tangible capital ratio is approximately
28%. Maiden Holdings’ financial leverage and coverage ratios are
within A.M. Best’s guidelines for its current ratings and are
expected to remain so over the near term.
The methodology used in determining these ratings is Best’s
Credit Rating Methodology, which provides a comprehensive
explanation of A.M. Best’s rating process and contains the
different rating criteria employed in the rating process. Key
criteria utilized include “Risk Management and the Rating Process
for Insurance Companies”; “Rating Members of Insurance Groups”;
“A.M. Best’s Ratings & the Treatment of Debt”; and “Equity
Credit for Hybrid Securities.” Best’s Credit Rating Methodology can
be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and
most authoritative insurance rating and information source. For
more information, visit www.ambest.com.
Copyright © 2012 by A.M. Best Company, Inc.
ALL RIGHTS RESERVED.
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