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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 03, 2018 09:43 AM (EDT)
A.M. Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Greenlight Reinsurance, Ltd. (Greenlight Re) (Cayman Islands) and its affiliate, Greenlight Reinsurance Ireland, Designated Activity Company (Ireland) are unaffected by the recent announcement regarding the proposed offering of $100 million of convertible senior notes, due 2023. Furthermore, the Long-Term ICR of “bbb-” of Greenlight Capital Re, Ltd. (Cayman Islands) [NASDAQ: GLRE] remains unaffected as well. A.M. Best’s last Credit Rating (rating) review of these entities took place on Sept. 28, 2017. The outlook of these ratings remains stable.
Prior to the issuance of these notes, Greenlight Capital Re, Ltd. did not have any outstanding debt. Following the issuance of the notes, the company’s financial leverage will remain well within A.M. Best’s tolerances, as outlined in Best’s Credit Rating Methodology, and will not impact the ratings.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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