Oil Casualty Insurance Ltd. is expected to price a $200 million debt offering early this week. Standard & Poor?s Ratings Services on Friday assigned a ?BBB? rating to the subordinated notes.

S&P also affirmed its ?A-? counterparty credit and financial strength ratings on OCIL.

OCIL will use the net proceeds from the notes partly to retire its $75 million outstanding debt, with the remaining proceeds to be invested in fixed-income securities.

?The ratings reflect OCIL?s strong capital position and limited risk retention,? said Standard & Poor?s credit analyst Mohammed Ashab. ?Offsetting these positive factors are the company?s potential for volatile operating performance, limited competitive position, and higher costs of continuing to limit its exposure to underwriting risk.?