A.M. Best Assigns Debt Rating to Maiden Holdings Ltd’s Forthcoming Mandatory Convertible Preferred Share Offering
September 26 2013 - 2:30PM
Business Wire
A.M. Best Co. has assigned a debt rating of “bb” to the
forthcoming issuance of $150 million 7.25% mandatory convertible
preferred stock due September 2016 to be issued by Maiden
Holdings Ltd. (Maiden) (Hamilton, Bermuda) (NASDAQ: MHLD). The
outlook assigned is stable. All remaining ratings of Maiden and its
subsidiaries are unchanged. (For further information, please see
A.M. Best’s press release dated May 24, 2013.)
The proceeds from the issuance will be used in the continued
support and development of Maiden’s reinsurance business and for
other general corporate purposes. With the issuance of these
preferred shares, Maiden’s unadjusted debt-to-total capital and
adjusted debt-to-tangible capital are 45% and 27%, respectively.
Although these measures are trending higher, they are within A.M.
Best’s guidelines for its current rating level. In addition,
Maiden’s interest coverage ratio is expected to remain adequate for
its rating.
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. Best’s
Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology.
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 © 2013 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
A.M. Best Co.Brian O’LarteSenior Financial
Analyst908-439-2200, ext.
5138brian.o'larte@ambest.comMichael Lagomarsino,
CFAAssistant Vice President908-439-2200, ext.
5810michael.lagomarsoino@ambest.comRachelle
MorrowSenior Manager, Public Relations908-439-2200,
ext. 5378rachelle.morrow@ambest.comJim PeavyAssistant
Vice President, Public Relations908-439-2200, ext.
5644james.peavy@ambest.com
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