Funds managed by affiliates of Apollo Global Management LLC, which own Aspen Insurance Holdings Ltd., used a private loan facility to finance the redemption of the Highland Issuers senior secured payment-in-kind (PIK) toggle notes ahead of their October 2025 maturity date. We incorporate the private loan facility into our leverage and coverage calculations and have not altered our assessment of Aspen's funding structure. In addition, we expect Aspen's capital adequacy, as measured by our risk-based capital model, to remain robust at the 99.99% confidence level. We have affirmed our ratings on Aspen Insurance Holdings Ltd., its operating subsidiaries, and its preference shares. The stable outlook indicates that we expect the group's underwriting performance to improve, so that the combined (loss
