The proceeds from the issuance will be used for general corporate purposes. With the issuance of the subordinated notes, Global Indemnity’s adjusted debt-to-total capital and adjusted debt-to-tangible capital are each approximately 20%, and both ratios are within A.M. Best’s guidelines for its current rating level. In addition, Global Indemnity’s interest coverage ratio is expected to remain satisfactory for its ratings.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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Jieqiu Fan, +1 908-439-2200, ext. 5372
Senior Financial Analyst
Manager, Public Relations
Director, Public Relations