Best’s News & Research Service - September 15, 2020 08:43 AM (EDT)
AM Best Assigns Issue Credit Rating to Chubb INA Holdings Inc.’s Senior Unsecured Notes
- September 15, 2020 08:43 AM (EDT)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating of “a+” to Chubb INA Holdings Inc.’s (Chubb) (Delaware) recently announced $1 billion 1.375% 10-year senior unsecured notes offering. These notes will be guaranteed by Chubb Limited [NYSE: CB]. The outlook assigned to the Credit Rating (rating) is stable.
Immediately following the senior unsecured notes issuance, Chubb’s financial leverage and coverage measures will deteriorate slightly but remain strongly supportive of the assigned ratings. Chubb intends to use the net proceeds of the offering to repay at maturity the $1 billion principal amount of its 2.875% senior unsecured notes due Nov. 3, 2022.
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