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A.M. Best Co. has assigned a debt rating of “bbb+” to the newly issued $265 million 5.75% senior unsecured notes due 2023 of
The Navigators Group, Inc.
(Navigators) (New York, NY) [NASDAQ: NAVG].
The outlook assigned is stable. Navigators’ existing financial strength, issuer credit and debt ratings are unchanged.
Navigators intends to use a portion of the proceeds to immediately retire its $115 million par value 7.0% senior unsecured notes, which are due on May 1, 2016. The balance of the proceeds will be used for general corporate purposes.