AM Best has assigned indicative ratings of bbb+ senior debt, bbb subordinated debt and bbb- preferred stock to Bermuda-based Platinum Underwriters Holding's recently-filed $750m universal shelf offering.
The ratings company also affirmed the bbb+ rating for the group's equity security units issued by Platinum Underwriters Finance, guaranteed by Platinum.
The A (excellent) financial strength rating of Platinum's reinsurance operating companies was unaffected by the ratings action, said AM Best.
The outlook for all ratings is stable.
