MARCH 07, 2023 12:54 PM (EST)
AM Best Assigns Issue Credit Rating to Liberty Mutual Group Inc.’s New Senior Unsecured Notes
|Raymond Thomson, CPCU, ARe, ARM |
+1 908 439 2200, ext. 5621
Michael Lagomarsino, CFA, FRM
+1 908 439 2200, ext. 5810
Manager, Public Relations
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Senior Public Relations Specialist
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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 07, 2023 12:54 PM (EST)
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” (Good) to the EUR 500 million 4.625% senior unsecured notes, due 2030, 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 these senior unsecured notes issue, AM Best expects financial leverage and coverage measures to be within the tolerance of the assigned Long-Term IR. LMGI intends to use the net proceeds to retire other debt and for general corporate purposes.
LMGI’s Long-Term Issuer Credit Rating of “bbb” (Good) and its existing Long-Term IRs, as well as 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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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.