OLDWICK, N.J.--(BUSINESS WIRE)--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.
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