A.M. Best Assigns Ratings to Maiden Holdings, Ltd and Maiden Holdings North America, Ltd’s New Shelf Registrations
November 15 2013 - 1:19PM
Business Wire
A.M. Best Co. has assigned an indicative rating of “bb”
to preferred shares of the recently filed universal shelf
registration of Maiden Holdings, Ltd. (Maiden) (Hamilton,
Bermuda) [NASDAQ: MHLD]. Concurrently, A.M. Best has assigned
indicative ratings of “bbb-” to senior unsecured debt, “bb+” to
subordinated debt and “bb” to junior subordinated debt of Maiden
Holdings North America, Ltd. (Maiden NA) (Delaware), a direct
and wholly owned subsidiary of Maiden. The outlook assigned to all
ratings is stable. The new shelf registration replaces Maiden and
Maiden NA’s previous shelf, which was fully utilized. Consequently,
the indicative ratings for the previous shelf registration have
been withdrawn. 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.)
As of September 30, 2013, Maiden’s adjusted debt-to-total
capital and adjusted debt-to-tangible capital are approximately 24%
and 26%, respectively. These measures are within A.M. Best’s
guidelines for its current rating level. In addition, Maiden’s
interest coverage ratio is expected to remain solid for its
ratings.
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.comorMichael Lagomarsino,
CFAAssistant Vice President908-439-2200, ext.
5810michael.lagomarsino@ambest.comorRachelle
MorrowSenior Manager, Public Relations908-439-2200,
ext. 5378rachelle.morrow@ambest.comorJim
PeavyAssistant Vice President, Public
Relations908-439-2200, ext.
5644james.peavy@ambest.com
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