FEBRUARY 09, 2021 01:32 PM (EST)
AM Best Assigns Issue Credit Rating to Liberty Mutual Group Inc.’s Junior Subordinated Notes
|Elizabeth Blamble |
Senior Financial Analyst
+1 908 439 2200, ext. 5603
Jennifer Marshall, CPCU, ARM
+1 908 439 2200, ext. 5327
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5644
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.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.