A.M. Best Assigns Ratings to Transatlantic Holdings, Inc.'s Shelf Registration and Comments on Existing Ratings.OLDWICK, N.J. -- A.M. Best Co. has assigned indicative debt ratings of "a-" to senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. and "bbb+" to subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". that can be issued under Transatlantic Holdings, Inc.'s (Transatlantic) (New York, NY) (NYSE NYSE See: New York Stock Exchange : TRH TRH thyrotropin-releasing hormone. TRH abbr. thyrotropin-releasing hormone TRH thyrotropin releasing hormone. ) recently filed debt shelf registration statement. A.M. Best has also assigned a senior debt rating of "a-" to Transatlantic's planned $750 million senior note offering due 2015. The ratings are under review with negative implications, consistent with Transatlantic's reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. subsidiary ratings described below. In addition, A.M. Best commented today on the under review with negative implications status of Transatlantic and its reinsurance subsidiaries. The financial strength rating of A+ (Superior) and issuer credit rating of "aa-" of Transatlantic Reinsurance Company (New York, NY) and Putnam Reinsurance Company (New York, NY), which operate under a pooling agreement, as well as Transatlantic's European subsidiary, Trans Re Zurich (Zurich, Switzerland) were placed under review with negative implications on September 15, 2005 due to concerns regarding announced losses from Hurricane Katrina, the stand-alone risk-adjusted capital position of Transatlantic and the negative rating pressure on its controlling shareholder, American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ). Upon completion of Transatlantic's recapitalization plan, A.M. Best's individual issues regarding Transatlantic will have been addressed. The ratings will remain under review with negative implications until AIG's ratings are removed from under review with negative implications due to its 60% ownership of Transatlantic and the level of rating enhancement Transatlantic continues to receive through its relationship with AIG. For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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