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A.M. Best Co. has assigned indicative ratings of “bbb” to senior unsecured debt, “bbb-” to subordinated debt and “bb+” to the preferred stock of the recently filed universal shelf registration of
AmTrust Financial Services Inc. (AmTrust) (headquartered in New York, NY) (NASDAQ:AFSI). The outlook assigned to all ratings is stable. All remaining ratings of AmTrust and its subsidiaries are unchanged. (For further information, please see A.M. Best’s press release dated May 24, 2013.)
As of June 30, 2013, AmTrust’s adjusted debt-to-total capital and adjusted debt-to-tangible capital have risen to their highest historical levels at approximately 27% and 40%, respectively. However, these measures are within A.M. Best’s guidelines for its current rating level. In addition, AmTrust’s interest coverage ratio is expected to remain solid for its ratings.