A.M. Best Co. has assigned an indicative debt rating of "bbb" to NYMAGIC, INC.'s [NYSE: NYM] (New York, NY) planned $100 million 6.5% senior unsecured note offering due 2014. The outlook for the rating is stable.
The proceeds from the offering will be used for working capital purposes, other general corporate purposes and potentially, for acquisitions. With the offering, NYMAGIC's financial leverage is expected to be approximately 27% and its earnings before interest and taxes (EBIT) interest coverage at about 5.6 times. Both measures are within A.M. Best's tolerance for the assigned rating...
Comments