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A.M. Best Co. has assigned an issuer credit rating of “bbb-” to
Maiden Holdings North America, Ltd. (Maiden NA) (Delaware), a direct, wholly owned subsidiary of
Maiden Holdings, Ltd. (Maiden Holdings) (Hamilton, Bermuda) [NASDAQ: MHLD]. Concurrently, A.M. Best has assigned debt ratings of “bbb-” to the recently issued $100 million 8.0% senior unsecured notes due March 2042 and to the $107.5 million 8.25% senior unsecured notes due June 2041 (issued in June 2011) of Maiden NA. These senior notes are fully and unconditionally guaranteed by Maiden Holdings. The outlook assigned to all ratings is stable. All remaining ratings of Maiden Holdings are unchanged.
The proceeds from these recent issuances will be used for general corporate purposes. Based on the new debt offering, Maiden Holdings’ adjusted debt-to-tangible capital ratio is approximately 28%. Maiden Holdings’ financial leverage and coverage ratios are within A.M. Best’s guidelines for its current ratings and are expected to remain so over the near term.