A.M. Best Co. has assigned a debt rating of “bbb” on $300 million, 4.70 % senior unsecured fixed notes, due in 2022 of the recently filed offering by Montpelier Re Holdings Limited (Montpelier) (Pembroke, Bermuda). [NYSE: MRH]. The assigned outlook is stable.
The proceeds from the offering are expected to be used to redeem Montpelier’s outstanding 6.125% senior notes due 2013 and for general corporate purposes.
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. Key criteria utilized include: “Insurance Holding Company and Debt Ratings”; “Catastrophe Analysis in A.M. Best Ratings”; “Risk Management and the Rating Process for Insurance Companies”; and “Understanding Universal BCAR.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899, 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 © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
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