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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 23, 2020 08:48 AM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb-” to the $400 million, 2.4% senior unsecured notes, due September 2030, recently announced by Kemper Corporation (Kemper Corp.) (Delaware) [NYSE: KMPR]. The outlook assigned to the Credit Rating (rating) is positive.
Proceeds will be used for general corporate purposes and to fund growth opportunities. Following the issuance of the 10-year senior notes, Kemper Corp.’s financial leverage will increase slightly, but remain within AM Best’s guidelines for the assigned rating. Debt to total capital will measure 24.2% and debt to tangible capital will measure 31.4%. Coverage metrics also will remain within AM Best’s guidelines.
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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.