Ratings agency Standard & Poor's (S&P) has assigned its BBB-minus senior debt rating to a proposed $75m (£51.5m) loan being taken out by Alea Group Holdings' (AGH).
AGH will use the debt, a senior secured syndicated term loan facility, as equity for its operating subsidiaries.
The new loan forms part of a total $250m (£171.6m) being raised, including $150m (£103m) of equity, to enable the group to take advantage of improving market conditions.
S&P said the rating reflected the implicit subordination of the debt to policyholders of the group's operating subsidiaries, which carry A-minus insurer financial strength ratings.
Alea Group Holdings, a pure holding company, is the Switzerland-based holding company of the Alea Group.
S&P also assigned its BBB-minus counterparty credit rating to AGH.
