Best’s News & Research Service - September 26, 2019 03:56 PM (EDT)
AM Best Assigns Issue Credit Rating to Liberty Mutual Group Inc.’s Forthcoming Senior Unsecured Notes
- September 26, 2019 03:56 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to the forthcoming $1.248 million 3.951% senior unsecured notes, due 2050, recently announced 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.
Following the senior unsecured notes issue, financial leverage and coverage measures will be supportive of the assigned ratings. LMGI intends to use the net proceeds of the offering to exchange higher coupon debt.
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.
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