On Aug. 10, 2004, Standard & Poor's Ratings Services assigned its 'BBB-' senior debt rating to Virginia-based Markel Corp.'s (Markel) $200 million 7.35% senior notes due 2034. The notes issuance constitutes a drawdown on Markel's $650 million shelf registration, which was filed in October 2001. Standard & Poor's expects this issue to result in a modest increase in Markel's financial leverage. About $110 million of the proceeds will be used to retire borrowings under the company's revolving credit facility. As of June 30, 2004, Markel's financial leverage (including hybrids) was 34.7%, down slightly from 35.5% at year-end 2003. Taking into account the new debt issuance and expected reduction of bank debt, proforma leverage is about 37.4%. Standard & Poor's views
