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A.M. Best Co. has assigned a debt rating of “bbb-” to the $400 million 6.875% Series C preferred shares of
AXIS Capital Holdings Limited (AXIS) (Hamilton, Bermuda) [NYSE: AXS]. The assigned outlook is positive.
The proceeds from the issuance will be used by AXIS to repurchase its Series B preferred securities that are tendered and a portion of its Series A preferred securities. The actions taken by AXIS regarding its preferred securities do not have a significant impact on the organization’s overall capital structure as it relates to the company’s ratings, and A.M. Best remains comfortable with all aforementioned ratings.