AM Best has assigned a debt rating of 'bbb' to Axis, recently issued $500m 5.75% senior unsecured notes, due 2014. An issuer credit rating of 'bbb' has also been assigned
The financial strength rating of 'A' along with all debt and operating company issuer credit ratings of Axis Specialty and its affiliated companies were not affected, the ratings company said.
All ratings have a stable outlook.
The senior note issue has been drawn down from an existing $750m universal shelf offering with proceeds to be used for general corporate purposes.
AM Best said it anticipated that the proceeds would be used to maintain a high level of financial flexibility to support any possible opportunities for operational growth or capital realignment.
