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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 09, 2021 01:32 PM (EST)
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the forthcoming $800 million 4.3% junior subordinated notes, due 2061, recently issued by Liberty Mutual Group Inc. (LMGI) (Boston, MA). The notes are guaranteed by Liberty Mutual Holding Company Inc. and LMHC Massachusetts Holdings, Inc. The outlook assigned to the Credit Rating (rating) is stable.
Inclusive of the recent junior subordinated notes issue, AM Best expects financial leverage and coverage measures to be within the tolerance of the assigned rating. LMGI intends to use the net proceeds for general corporate purposes.
LMGI’s Long-Term Issuer Credit Rating of “bbb” and its existing Long-Term IRs, and the ratings of its operating insurance subsidiaries are unchanged.
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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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.