OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a debt rating of “bb+” to the recently issued $150.0 million 7.375% subordinated debentures due 2054 of Kemper Corporation (Kemper) (Chicago, IL) [NYSE: KMPR]. Concurrently, A.M. Best has assigned indicative ratings of “bbb-” to senior debt, “bb+” to subordinated debt and “bb” to preferred stock of Kemper’s recently filed shelf registration. The outlook assigned to all ratings is stable.
Kemper intends to use the net proceeds for general corporate purposes, which may include the partial repayment of outstanding debt. The company's financial leverage and coverage measures remain within A.M. Best's guidelines for the assigned ratings.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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