A.M. Best Assigns Rating to AXIS Capital Holdings Limited's Series D Preferred Shares
OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has assigned a debt rating of "bbb-" to the $200 million 5.5% Series D non-cumulative redeemable preferred shares of AXIS Capital Holdings Limited (AXIS) (Bermuda) [NYSE: AXS]. The outlook assigned to the rating is positive.
The proceeds from the issuance are expected to be used by AXIS to repurchase the outstanding Series A preferred securities and for general corporate purposes, which may include planned share repurchases. Financial leverage and coverage measures remain within A.M. Best's guidelines for the assigned 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.
Greg Reisner, 908-439-2200, ext. 5224
Managing Senior Financial Analyst
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
Peter Dickey, 908-439-2200, ext. 5053
Assistant Vice President
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
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