Press Release - JUNE 07, 2019

AM Best Assigns Issue Credit Rating to CNO Financial Group, Inc.’s Forthcoming Senior Unsecured Notes

 Prafull Jhawar
Senior Financial Analyst
+1 908 439 2200, ext. 5214

Edward Kohlberg
+1 908 439 2200, ext. 5664

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644


OLDWICK - JUNE 07, 2019
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb-” to the forthcoming $500 million 5.25% senior unsecured notes due May 30, 2029, issued by CNO Financial Group, Inc. (CNO Financial) (headquartered in Carmel, IN) [NYSE: CNO]. The outlook assigned to the Credit Rating (rating) is stable. CNO Financial’s existing Long-Term Issuer Credit Rating and Long-Term IRs are unchanged.

The proceeds of the issuance will be used to redeem CNO Financial’s outstanding $325 million 4.5% senior unsecured notes due in 2020, repay amounts outstanding under the revolving credit facility including fees and expenses related to this offering. AM Best anticipates that CNO Financial’s adjusted financial leverage ratio will increase to approximately 25.7% as a net result of the recapitalization plan. Despite the modest increase in leverage, AM Best notes that the company’s financial leverage and interest coverage ratios remain well within AM Best’s guidelines for CNO Financial’s current ratings.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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AMB# Company Name
058030 CNO Financial Group, Inc.