Moody's Investors Service became the second rating firm today to rate a planned $300 million offering of Renaissance Re Holdings Ltd. shares.
Moody's Investors Service in New York gave the proposed offering a Baa3 rating or a "medium" rank--the lowest of its investment grade ratings. "It's deeply subordinated in the company's debt structure," explained analyst Pano Karambelas.
Bermuda-based RenRe in its announcement said the sale involves 6.60 percent Series D Preference Shares, with a liquidation preference of $25 per share.
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