Leading rating agency Standard & Poor?s yesterday assigned preliminary ratings to a $750 million shelf registration by Scottish Re.

S&P said the initial ratings had been set at ?BBB-? senior debt rating, ?BB+? subordinated debt rating, and ?BB? preferred stock rating on the registration.

?The new $750 million shelf replaces the $500 million shelf filed in April 2003, which was exhausted in 2003,? said Standard & Poor?s credit analyst Rodney A. Clark.

The rating agency said the proceeds from any drawdowns under the shelf registration were expected to be used for working capital to support the company?s growth or for other unspecified corporate purposes. At the end of 2003, Scottish Re reportedly had a debt-to-capital ratio of about 12 percent, debt-plus-hybrid-to-capital ratio of about 27 percent.

?Standard & Poor?s expects debt-plus-hybrid-to-capital to remain less than 30 percent and fixed-charge coverage to remain at least four times or higher in 2004,? Mr. Clark added. S&P said that in the past four years, Scottish Re had grown into a ?solid top-ten player in the North American life reinsurance marketplace, enhanced by niche positions in international life reinsurance and wealth management.