A.M. Best Assigns Issue Credit Rating to The Hartford Financial Services Group, Inc.’s Senior Unsecured Notes
March 14 2018 - 9:35AM
Business Wire
A.M. Best has assigned a Long-Term Issue Credit Rating
(Long-Term IR) of “a-” to the recently announced $500 million 4.40%
senior unsecured notes due 2048 of The Hartford Financial
Services Group, Inc. (The Hartford) (headquartered in Hartford,
CT) [NYSE: HIG]. The outlook assigned to this Credit Rating
(rating) is stable.
Following the senior unsecured note issue, financial leverage
will remain within guidelines for the assigned rating. Coverage
metrics historically have been within guidelines, but deteriorated
in 2017 as a result of various one-time charges. A.M. Best expects
coverage metrics in 2018 to improve and be within guidelines. The
Hartford intends to use the net proceeds of the offering for
general corporate purposes, including the repayment at maturity of
its $320 million principal amount of 6.30% senior notes due
2018.
The Hartford’s Long-Term Issuer Credit Rating of “a-”, its
existing Long-Term IRs and the ratings of its operating insurance
subsidiaries are unchanged.
This press release relates to Credit Ratings 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 see A.M.
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 A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20180314005588/en/
A.M. BestJonathan Harris, CFA, FRM, +1 908-439-2200,
ext. 5771Senior Financial
Analystjonathan.harris@ambest.comorJennifer Marshall, CPCU,
ARM, +1 908-439-2200, ext.
5327Directorjennifer.marshall@ambest.comorChristopher
Sharkey, +1 908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy, +1
908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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