Best’s News & Research Service - April 30, 2020 01:04 PM (EDT)
AM Best Assigns Issue Credit Rating to Liberty Mutual Group Inc.’s Recently Announced Senior Unsecured Notes
- April 30, 2020 01:04 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to the 3.95% senior unsecured notes, due 2060, recently announced by Liberty Mutual Group Inc. (LMGI) (Boston, MA). The total issue may reach $1,000 million, including notes issued as part of the exchange process announced by LMGI on April 28, 2020. 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 fund and exchange higher coupon debt and for other corporate purposes.
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.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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