A.M. Best Assigns Rating to AmTrust Financial Services, Inc.’s Forthcoming Preferred Share Offering Business Wire OLDWICK, N.J. -- June 6, 2013 A.M. Best Co. has assigned a debt rating of “bb+” to the forthcoming $115 million 6.75% non-cumulative perpetual preferred stock of AmTrust Financial Services Inc. (AmTrust) (headquartered in New York, NY) (NASDAQ: AFSI). The outlook assigned is stable. All remaining ratings of AmTrust and its subsidiaries are unchanged. (Please see A.M. Best’s press release dated May 24, 2013.) The proceeds from the issuance will be used in continued support and development of AmTrust’s business and for other general corporate purposes. With the issuance of the preferred shares, AmTrust’s adjusted debt-to-total capital and adjusted debt-to-tangible capital is approximately 17% and 26%, respectively, and are within A.M. Best’s guidelines for its current rating level. In addition, AmTrust’s interest coverage ratio is expected to remain adequate for its rating. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. Contact: A.M. Best Company, Inc. Brian O’Larte Senior Financial Analyst 908-439-2200, ext. 5138 firstname.lastname@example.org or Rachelle Morrow Senior Manager, Public Relations 908-439-2200, ext. 5378 email@example.com or Michael Lagomarsino, CFA Assistant Vice President 908-439-2200, ext. 5810 firstname.lastname@example.org or Jim Peavy Assistant Vice President, Public Relations 908-439-2200, ext. 5644 email@example.com
A.M. Best Assigns Rating to AmTrust Financial Services, Inc.’s Forthcoming Preferred Share Offering
Press spacebar to pause and continue. Press esc to stop.