AM Best assigns an issue credit rating to the new senior unsecured bonds of The Hartford Financial Services Group, Inc.

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OLDWICK, New Jersey – (COMMERCIAL THREAD) –AM Best assigned a long-term issue credit rating (long-term IR) of “a-” (excellent) to The Hartford Financial Services Group, Inc. (The Hartford) (head office in Hartford, CT) [NYSE: HIG] recently announced $ 600 million, 2.9% senior unsecured notes, due September 2051. The outlook for this credit rating (rating) is stable.

The proceeds from the sale of the Notes will be used to repay the outstanding $ 600 million principal amount of the Company’s 7.875% Fixed to Variable Subordinated Debentures due 2042, which are redeemable at par effective April 15, 2022. AM Best expects Hartford’s leverage to increase slightly immediately after issuance, but it will stay well within guidelines to support its current ratings. Coverage ratios remain favorable to The Hartford’s ratings, which were confirmed at the end of July 2021 (see associated press release).

This press release relates to credit ratings published on the AM Best website. For all rating information relating to the publication and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this publication, please see AM Best’s Recent Rating Activity webpage. . For more information on the use and limitations of credit rating reviews, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best Credit Ratings, Best Preliminary Credit Ratings, and AM Best press releases, please see the Guide to Appropriate Use of Best Ratings and Ratings.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Based in the United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by AM Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.


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