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A.M. Best Co. has assigned a debt rating of “bb” to the newly issued $150 million 8.25% non-cumulative perpetual preferred stock of
Maiden Holdings, Ltd. (Maiden Holdings) (Hamilton, Bermuda) [NASDAQ: MHLD]. The outlook assigned to the rating is stable. All remaining ratings of Maiden Holdings and its subsidiaries are unchanged. (Please see A.M. Best’s press release dated May 30, 2012.)
The proceeds from the issuance will be used in continued support and development of Maiden Holdings’ reinsurance business and for other general corporate purposes. With the issuance of the preferred shares, Maiden Holdings’ adjusted debt-to-tangible capital is approximately 27%, which is within A.M. Best’s guidelines for its current rating level. In addition, Maiden Holdings’ interest coverage ratio is expected to remain adequate for its rating.