Best’s News & Research Service - April 06, 2021 09:46 AM (EDT)
AM Best Assigns Issue Credit Rating to Intact Financial Corporation’s Subordinated Notes
- April 06, 2021 09:46 AM (EDT)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to Intact Financial Corporation’s (IFC) [TSX: IFC] (Toronto, Ontario, Canada) recently announced CAD 250 million 4.125% fixed-rate subordinated notes due 2081. The outlook assigned to the Credit Rating (rating) is stable. The Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” of IFC’s operating subsidiaries and all other ratings of outstanding issuances remain unchanged.
The proceeds from this issuance are intended to be utilized to fund IFC’s previously announced acquisition in which IFC, together with Tryg A/S, will acquire RSA Insurance Group plc with a cash takeover offer. (See prior press release of Nov. 11, 2020 for additional detail).
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