MAY 18, 2023 03:14 PM (EDT)
AM Best Assigns Issue Credit Rating to CNA Financial Corporation’s New Senior Unsecured Notes
|Elizabeth Blamble |
Senior Financial Analyst
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Associate Director, Public Relations
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Senior Public Relations Specialist
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FOR IMMEDIATE RELEASE
OLDWICK - MAY 18, 2023 03:14 PM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the recently issued $400 million 5.5% senior unsecured notes due 2033 of CNA Financial Corporation (CNAF) (Chicago, IL). The outlook assigned to the Credit Rating (rating) is stable.
Proceeds from the sale of the senior unsecured notes will be utilized to repurchase, redeem, repay or otherwise retire the $243 million outstanding aggregate principal balance of the 7.25% senior unsecured debentures due Nov. 15, 2023, and any remaining net proceeds will be used for general corporate purposes. CNAF maintains financial leverage and coverage measures that are within AM Best’s guidelines for this rating and both are expected to remain so following the new debt issuance. The existing ratings of CNAF and its 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.