...November 22, 2024 LONDON (S&P Global Ratings) Nov. 22, 2024--S&P Global Ratings today assigned its '##+' issue rating to the proposed perpetual preferred share issuance of Aspen Insurance Holdings Ltd. (Aspen; ###/Stable/--). The issuance of up to $230 million will pay a fixed rate of 7% and is callable after five years. We expect to classify the issuance as having intermediate equity content, according to our criteria. The ratings are subject to confirmation of the final terms and conditions of the issue. The ratings reflect our standard notching for subordinated debt issues, which in this instance is two notches below the long-term rating on the issuer. This includes: - One notch to reflect the notes' subordination to the company's senior obligations; and - One notch to reflect the payment risk created by the notes' mandatory and optional coupon cancellation features. One notch is sufficient to reflect the payment risk on these notes, in our view, because their mandatory coupon deferral...
