A.M. Best Assigns Issue Credit Rating to Maiden Holdings Ltd.’s Series D Preference Shares
June 09 2017 - 8:32AM
Business Wire
A.M. Best has assigned a Long-Term Issue Credit Rating of
“bb+” to $150 million, 6.70% Series D preference shares recently
announced by Maiden Holdings Ltd. (MHLD)(NASDAQ:MHLD)
(Hamilton, Bermuda). This Credit Rating (rating) has been assigned
a stable outlook.
The proceeds from the issuance of the shares will be used to
repay the 8.00% senior notes due 2042 of MHLD’s subsidiary,
Maiden Holdings North America, Ltd., and for other corporate
purposes. Upon issuance of the shares and redemption of these
notes, Maiden’s adjusted debt to total capital ratio will measure
21.1%, within A.M. Best’s guidelines for the rating. While interest
coverage for 2016 was below expectations, improvement is
anticipated in 2017 and consistently favorable operating cash flows
and available liquidity are offsetting considerations.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20170609005358/en/
A.M. BestJennifer Marshall, CPCU, ARM,
+1-908-439-2200, ext.
5327Directorjennifer.marshall@ambest.comorMichael J.
Lagomarsino, CFA, FRM, +1-908-439-2200, ext. 5810Senior
Directormichael.lagomarsino@ambest.comorChristopher Sharkey,
+1-908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1-908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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