MAY 25, 2023 02:02 PM (EDT)
AM Best Assigns Issue Credit Rating to The Travelers Companies, Inc.’s New Senior Unsecured Notes
Senior Financial Analyst
+1 908 439 2200, ext. 5603
Michael Lagomarsino, CFA, FRM
+1 908 439 2200, ext. 5810
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
OLDWICK - MAY 25, 2023 02:02 PM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of “a+” (Excellent) to the new $750 million, 5.45% 30-year senior unsecured notes due May 25, 2053, recently issued by The Travelers Companies, Inc. (Travelers) (headquartered in New York, NY) [NYSE: TRV]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of Travelers and its subsidiaries are unchanged.
The proceeds from the sale of the notes will be used for general corporate purposes. While Travelers’ financial leverage will increase modestly, it will remain within AM Best’s guidelines to support the company’s current ratings. AM Best views Travelers’ debt-servicing capabilities favorably, with sufficient liquidity to service its debt, a well-laddered debt maturity structure and strong interest coverage.
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.