TEXT-Fitch rates Onebeacon's senior debt 'BBB'
Nov 7 - Fitch Ratings has assigned a 'BBB' rating to OneBeacon U.S. Holdings, Inc.'s (OneBeacon; 75% ownership by White Mountains Insurance Group, Ltd. (White Mountains) new $275 million issue of 4.6% senior notes due 2022. The Rating Outlook is Stable. All other ratings of OneBeacon and its subsidiaries are not affected by this action. A full rating list is shown below. OneBeacon intends to use the net proceeds of the offering to repay the $270 million senior notes due May 15, 2013. As a result, Fitch expects OneBeacon's financial leverage to remain modest following the refinancing and in line with its financial leverage ratio of 20.2% at Sept. 30, 2012. For additional details, see Fitch's Oct. 18, 2012 and Aug. 7, 2012 press releases, which provide a summary of areas of sensitivity and triggers that could result in a future upgrade or downgrade of OneBeacon's ratings. Fitch assigns the following rating: OneBeacon U.S. Holdings, Inc. --$275 million 4.6% due Nov. 9, 2022 'BBB'. Fitch currently rates OneBeacon and its subsidiaries as follows: OneBeacon U.S. Holdings, Inc. --IDR 'BBB+'; --$270 million 5.875% due May 15, 2013 'BBB'. OneBeacon Insurance Company Camden Fire Insurance Association (The) Employers' Fire Insurance Company (The) Northern Assurance Company of America (The) OneBeacon America Insurance Company OneBeacon Midwest Insurance Company Traders & General Insurance Company --IFS 'A'; Rating Watch Negative. Atlantic Specialty Insurance Company Essentia Insurance Company Homeland Insurance Company of New York --IFS 'A'; Stable Outlook. Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable Criteria and Related Research: --'Insurance Rating Methodology' (Oct. 18, 2012); --'Fitch Places OneBeacon Runoff Entities on Rating Watch Negative; Affirms Ongoing Subsidiaries' (Oct. 18, 2012); --'Fitch Affirms White Mountains' Ratings' (Aug. 7, 2012). Applicable Criteria and Related Research: Insurance Rating Methodology - Amended
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