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A.M. Best Co. has assigned a debt rating of “bbb” to the USD 600 million senior unsecured fixed rate notes issued by
XLIT Ltd. (Cayman Islands) and guaranteed by
XL Group plc (XL) (Ireland) [NYSE:XL]. The outlook assigned is positive. All other ratings of XL entities and related debt issues remain unchanged.
A.M. Best expects the net proceeds from the offering to be used to redeem the USD 600 million 5.25% senior unsecured notes, which are due to mature in September 2014, with any remaining net proceeds to support other general corporate purposes. The new senior unsecured notes mature in November 2018 and November 2043. The issuance of the new notes will cause a temporary increase in XL’s leverage ratios; however, these ratios will still remain within A.M. Best’s guidelines for XL’s current ratings.