Markel Corp. $600 Million Senior Unsecured Notes Rated 'BBB' - S&P Global Ratings’ Credit Research

Markel Corp. $600 Million Senior Unsecured Notes Rated 'BBB'

Markel Corp. $600 Million Senior Unsecured Notes Rated 'BBB' - S&P Global Ratings’ Credit Research
Markel Corp. $600 Million Senior Unsecured Notes Rated 'BBB'
Published May 04, 2021
2 pages (1104 words) — Published May 04, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

TORONTO (S&P Global Ratings) May 4, 2021--S&P Global Ratings said today it assigned its 'BBB' issue-level rating to Markel Corp.'s (NYSE:MKL; BBB/Stable/--) 3.45% $600 million senior unsecured notes due 2052. The proceeds will be used to redeem 4.9% $350 million notes due July 2022 and for general corporate purposes. For the first quarter ended March 30, 2021, financial leverage was about 27%. On a pro forma basis, accounting for new issuance, Markel's leverage ratio would increase to about 29%. However, we expect financial leverage will improve due to paydown of the 2022 maturity and earnings accrual. For 2021-2022, we expect financial leverage to be less than 30% and the coverage ratio to be greater than 4x. Criteria Insurance

  
Brief Excerpt:

...May 4, 2021 TORONTO (S&P Global Ratings) May 4, 2021--S&P Global Ratings said today it assigned its '###' issue-level rating to Markel Corp.'s (NYSE:MKL; ###/Stable/--) 3.45% $600 million senior unsecured notes due 2052. The proceeds will be used to redeem 4.9% $350 million notes due July 2022 and for general corporate purposes. For the first quarter ended March 30, 2021, financial leverage was about 27%. On a pro forma basis, accounting for new issuance, Markel's leverage ratio would increase to about 29%. However, we expect financial leverage will improve due to paydown of the 2022 maturity and earnings accrual. For 2021-2022, we expect financial leverage to be less than 30% and the coverage ratio to be greater than 4x....

  
Report Type:

Ratings Action

Ticker
MKL
Issuer
Markel Corp.
GICS
Property & Casualty Insurance (40301040)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Markel Corp. $600 Million Senior Unsecured Notes Rated 'BBB'" May 04, 2021. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Markel-Corp-600-Million-Senior-Unsecured-Notes-Rated-BBB-2640863>
  
APA:
S&P Global Ratings’ Credit Research. (). Markel Corp. $600 Million Senior Unsecured Notes Rated 'BBB' May 04, 2021. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Markel-Corp-600-Million-Senior-Unsecured-Notes-Rated-BBB-2640863>
  
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