A.M. Best Assigns Rating To Watford Holding

A.M. Best has assigned an issuer credit rating of “bbb-” to Bermuda-based Watford Holding Ltd.

The ratings agency said, “Concurrently a debt rating of “bb” has been assigned to the $225 million 8.5% cumulative preference shares issued earlier in the year when Watford was initially capitalized. The outlook assigned to the ratings is stable.

“The aforementioned ratings were privately assigned in March 2014 when A.M. Best assigned a public financial strength rating of A- [Excellent] and the issuer credit rating of “a-’’ to the lead operating company, Watford Re Ltd. [Bermuda].

“At the request of the company, the debt and holding company ratings are now being released publicly. Key rating triggers that could result in positive rating actions would be Watford Holding Ltd. meeting or exceeding its business plan. Negative rating actions could occur if Watford fails to execute its business plan over the long term.”

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