A.M. Best Assigns Issue Credit Rating to Mercury General Corporation’s Senior Unsecured Notes Offering

OLDWICK, N.J.--()--A.M. Best has assigned a Long-Term Issue Credit Rating of “a-” to the recently issued $375 million 4.4% senior unsecured notes due 2027 of Mercury General Corporation (headquartered in Los Angeles, CA) [NYSE: MCY]. The outlook assigned to the Credit Rating is negative.

Proceeds from the offering will be utilized to retire existing debt and for general corporate purposes. The notes will mature on March 15, 2027. Following issuance of the new notes, Mercury General Corporation’s financial leverage and coverage metrics will remain within guidelines for the company’s Long-Term Issuer Credit Ratings.

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.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Greg Williams, +1 908 439 2200, ext. 5815
Senior Director
greg.williams@ambest.com
or
Anthony Diodato, +1 908 439 2200, ext. 5704
Managing Director
anthony.diodato@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Greg Williams, +1 908 439 2200, ext. 5815
Senior Director
greg.williams@ambest.com
or
Anthony Diodato, +1 908 439 2200, ext. 5704
Managing Director
anthony.diodato@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com