Lloyd's To Raise Subordinated Debt
NU Online News Service, Oct. 13, 2:31 p.m. EDT?Lloyd's said today that it plans to raise some ?500 million, or about $893 million, of long-term subordinated debt from international markets to further bolster its capital structure.[@@]
This subordinated debt, expected to be issued in pounds sterling and euros to draw European investors, has been assigned a "triple-B-plus" debt rating from A.M. Best Co. The Oldwick, N.J.-based A.M. Best also assigned an "A-minus" issuer credit rating to the Society of Lloyd's. The outlook for both ratings is stable, the ratings firm said.
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