AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the $1 billion, 3.50%, 30-year senior unsecured notes, due Oct.15, 2050, recently announced by Everest Reinsurance Holdings, Inc., a subsidiary of Everest Re Group Ltd. (Everest) (Bermuda) [NYSE: RE]. The outlook assigned to this Credit Rating (rating) is stable.
The proceeds from the sale of the notes will be used for general corporate purposes. Everest’s financial leverage remains well within AM Best’s guidelines to support its ratings. AM Best anticipates that Everest’s coverage ratios will remain strong and well supportive of the current ratings.
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