Bermuda-based Aspen Insurance Holdings Ltd. announced its intention to issue perpetual preferred shares. We are assigning a rating of 'BBB-' to this proposed share issuance. We are expecting to classify the issuance as having "intermediate equity content," according to our criteria. LONDON (Standard&Poor's) April 3, 2012--Standard&Poor's Ratings Services today assigned its 'BBB-' rating to Aspen Insurance Holdings Ltd.'s (Aspen; BBB+/Stable/--; core operating companies rated A/Stable/--) proposed perpetual preferred share issuance. The issuance will have a fixed rate and be callable after five years. The ratings are subject to confirmation of the final terms and conditions of the issue. The issue is made under Aspen's universal shelf registration program (see " Aspen Insurance Holdings Ltd. Shelf Registration
