AM Best Assigns Issue Credit Ratings to Markel Corporation’s Forthcoming Senior Unsecured Notes
September 13 2019 - 9:57AM
Business Wire
AM Best has assigned Long-Term Issue Credit Ratings of
bbb+ to the forthcoming $300 million 3.350% senior unsecured notes
due Sept. 17, 2029, and the $500 million 4.150% senior unsecured
notes due Sept. 17, 2050, recently announced by Markel Corporation
(Markel) (Glen Allen, VA) (NYSE:MKL). The outlook assigned to these
Credit Ratings (ratings) is stable. All other existing ratings of
Markel and its subsidiaries are unchanged.
The proceeds from the issuance will be used in the redemption of
up to $600 million in senior unsecured notes of Markel and its
Alterra Finance LLC subsidiary, for which Markel announced a tender
offer on Sept. 12, 2019, and for general corporate purposes.
Following the completion of this debt offering and the
redemption of the referenced securities, AM Best expects Markel’s
debt-to-total capital ratio to be unchanged and to remain within
the guidelines for the current ratings. Markel’s coverage metrics
will be improved by the issuance of the lower-coupon securities and
similarly, will remain within guidelines.
This press release relates to Credit Ratings that have been
published on AM 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 AM 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 AM Best press releases, please view Guide
for Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20190913005305/en/
Jennifer Marshall, CPCU, ARM Director +1 908 439 2200,
ext. 5327 jennifer.marshall@ambest.com
Michael J. Lagomarsino, CFA, FRM Senior Director
+1 908 439 2200, ext. 5810
michael.lagomarsino@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy Director, Public Relations +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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