A.M. Best Co. has assigned a debt rating of “bbb” to the $250 million 5.875% Series F non-cumulative redeemable preferred shares of PartnerRe Ltd. (Hamilton, Bermuda) (NYSE:PRE). The outlook assigned is negative.
The proceeds from the issuance will be used by PartnerRe Ltd. towards the repurchase of its Series C preferred securities. Once the redemption is completed, the overall capital structure of PartnerRe Ltd. will be essentially the same.
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.
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