AM Best Assigns Issue Credit Ratings to The Hartford Financial Services Group, Inc.’s New Senior Unsecured Notes
August 09 2019 - 1:02PM
Business Wire
AM Best has assigned the Long-Term Issue Credit Ratings
(Long-Term IR) of “a-” to The Hartford Financial Services Group,
Inc.’s (The Hartford) (headquartered in Hartford, CT) [NYSE: HIG]
recently announced $600 million 2.8% senior unsecured notes due
2029 and the $800 million 3.6% senior unsecured notes due 2049. The
outlooks assigned to these Credit Ratings (ratings) are stable.
The proceeds from the sale of the notes will be used towards The
Hartford’s recently announced tender offers and intended
redemptions for any and all of the outstanding balance of the $800
million in 5.125% senior notes due 2022 issued by The Hartford and
the $265 million in 5.75% senior notes due 2023 issued by The
Navigators Group Inc. The remainder will be used for general
corporate purposes.
AM Best expects The Hartford’s financial leverage to increase
modestly immediately following the issuances, but it will remain
well within guidelines to support its current ratings. In addition,
coverage ratios should improve modestly over time due to the lower
coupon rates of the new debt.
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 Understanding
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.
AM Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190809005357/en/
Lewis DeLosa, CFA Financial Analyst +1 908 439
2200, ext. 5529 lewis.delosa@ambest.com Michael Lagomarsino,
CFA, FRM Senior Director +1 908 439 2200, ext.
5810 michael.lagomarsino@ambest.com Christopher Sharkey
Manager, Public Relations +1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com Jim Peavy Director, Public
Relations +1 908 439 2200, ext. 5644
james.peavy@ambest.com
Hartford Financial Servi... (NYSE:HIG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hartford Financial Servi... (NYSE:HIG)
Historical Stock Chart
From Apr 2023 to Apr 2024