Beazley tender sparks downgrade but company dismisses S&P capital concerns
UK specialist insurer Beazley has clashed with Standard & Poor’s following its announcement of a tender offer for subordinated debt last week. The ratings agency withdrew Beazley’s counterparty rating at the issuer’s request, after downgrading it to BBB from BBB+, just as Beazley was gearing up for a retail bond roadshow in London later this week.
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