AM Best Assigns Issue Credit Rating to Intact Financial Corporation’s Subordinated Notes
- October 09, 2026 09:49 AM (EDT)
//BestWire// - AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the recently issued CAD 250 million, 6.133% fixed rate subordinated notes, due 2086, of Intact Financial Corporation (IFC) (TSX:IFC) (Toronto, Ontario, Canada). The outlook assigned to the Credit Rating (rating) is stable.
The net proceeds of the notes offering are being utilized for general corporate purposes and to repay all or a portion of IFC’s debt borrowings. Intact completed the redemption of its Series 3 Preferred Shares on Sept. 30, 2026. Intact's adjusted and unadjusted financial leverage continues to improve through the second quarter of 2026. Inclusive of the new subordinated note offering, as well as the redemption of the aforementioned preferred shares, there is no impact to the corporation’s financial leverage assessment. At second-quarter 2026, IFC’s adjusted financial leverage is 18.5% compared with 19.2% at year-end 2025. Management’s long-term target debt to capital remains at 20%.
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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.