Bermuda-based DaVinciRe Holdings, Ltd. has been assigned an issuer credit rating (ICR) of “bbb” by A.M. Best.

Best has assigned an indicative rating of “bbb” to the $100 million 10-year senior notes to be issued by DaVinciRe. The outlook for both ratings is stable.

The notes are being offered to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933 and will not be listed on any securities exchange.

The proceeds of this issue are to be used to repay bank debt currently outstanding at DaVinciRe. A.M. Best expects DaVinciRe’s leverage ratios, including outstanding bank debt, to remain within acceptable ranges to support its ICR and debt rating.

The financial strength rating of A (Excellent) and the ICR of “a” of DaVinci Reinsurance remain unchanged.