On April 25, 2002, Standard and Poor's assigned its senior debt rating to Markel Corp.'s proposed $75 million 7.2% notes due 2007 and $100 million 7% notes due 2008. At the same time, Standard & Poor's affirmed all of its other ratings on Markel Corp. and its subsidiaries. The outlook remains negative. Markel Corp.'s financial leverage is not expected to increase with the issue of the proposed notes, because they are part of the holding company's offering to exchange two series of notes from a downstream subsidiary, Markel International Ltd. (formerly known as Terra Nova Insurance (U.K.) Holdings, plc.), for the newly issued Markel notes. The Markel notes will have the same principal, interest rate, redemption terms, payment, and maturity
