- Published: June 2012
- Region: Global
Endurance Specialty Holdings Ltd.'s $230 Million Preferred Stock Issue Rated 'BBB-' May 11
- Published: May 2011
- Standard & Poors
NEW YORK (Standard & Poor's) May 25, 2011--Standard & Poor's Ratings Services said today that it assigned its 'BBB-' rating to Endurance Specialty Holdings Ltd.'s (NYSE:ENH; BBB+/Stable/--) $230 million, 7.50% perpetual noncumulative preferred stock issue (Series B). The proceeds from the issuance will support Endurance's underwriting activities, and the company could also use them for general corporate purposes. The new issuance will have the same structure as--and rank equally with--the company's existing $200 million, 7.75% perpetual noncumulative preferred securities issued in 2005 (Series A). With the new issuance, the pro forma 2010 debt-plus-preferred to capital would have been 26.6%, and EBITDA fixed-charge coverage would have been 6.0x. These leverage and coverage ratios remain supportive of the rating and within our...
Companies mentioned in this report are: Endurance Specialty Holdings Ltd.
Action: New Rating
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Research type: News
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Endurance Specialty Holdings Ltd.