AM Best Assigns Issue Credit Rating to Ascot Group Limited’s Senior Unsecured Notes
AM Best Assigns Issue Credit Rating to Ascot Group Limited’s Senior Unsecured Notes
AM Best has assigned a Long-Term Issue Credit Rating of bbb to the USD 400 million, 4.25% fixed rate senior unsecured notes due 2030, issued by Ascot Group Limited (AGL) (Bermuda) on 15 December 2020. The outlook assigned to this Credit Rating (rating) is positive. AGL intends to downstream the proceeds to its U.S. insurance operating subsidiaries “ Ascot Insurance Company and Ascot Specialty Insurance Company. The proceeds will provide additional capital and support the growth of these operations, allowing them to benefit from favourable insurance market conditions.
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AM Best has assigned a Long-Term Issue Credit Rating of bbb to the USD 400 million, 4.25% fixed rate senior unsecured notes due 2030, issued by Ascot Group Limited (AGL) (Bermuda) on 15 December 2020. The outlook assigned to this Credit Rating (rating) is positive.
AGL intends to downstream the proceeds to its U.S. insurance operating subsidiaries – Ascot Insurance Company and Ascot Specialty Insurance Company. The proceeds will provide additional capital and support the growth of these operations, allowing them to benefit from favourable insurance market conditions.
The rating of the senior notes is three notches below the Long-Term Issuer Credit Ratings of Ascot Bermuda Limited, Ascot Insurance Company and Ascot Specialty Insurance Company, reflecting the fact that the notes are issued by their non-operating holding company, AGL. The notes represent senior unsecured obligations of the issuer and will rank equally in right of payment with any future unsecured, unsubord