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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 13, 2015 11:27 AM (EST)
A.M. Best has assigned an issue rating of “bbb” to the recently announced 20-year $47 million 6.45% surplus notes to be issued by National Guardian Life Insurance Company (NGLIC) (Madison, WI). The outlook assigned to the rating is stable. All remaining ratings of NGLIC and its subsidiaries are unchanged.
The proceeds from this issuance will be used for general corporate purposes. The surplus notes offering is a private offering and is not subject to a shelf registration statement filed with the Securities and Exchange Commission. While NGLIC’s financial leverage will modestly increase in the near term, both financial leverage and interest coverage will remain well within A.M. Best’s guidelines to support its current ratings.
This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best’s Ratings & Criteria Center.
A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.