CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 12, 2020 08:40 AM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to the new $500 million 2.05% 10-year senior unsecured notes offering, to be issued by CNA Financial Corporation (CNAF) (headquartered in Chicago, IL). The outlook assigned to the Credit Rating (rating) is stable.
Proceeds from the sale of the senior unsecured notes will be utilized to repurchase, redeem, repay or otherwise retire the $400 million outstanding aggregate principal balance of the 5.75% senior notes due August 2021, and any remaining net proceeds for general corporate purposes. CNAF maintains financial leverage and coverage measures that are within AM Best’s guidelines for this rating and are expected to remain so following the new debt issuance. The existing ratings of CNAF and its subsidiaries are unchanged.
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 Guide to 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.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.