OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned Long-Term Issue Credit Ratings (Long-Term IR) of “a+” to Chubb INA Holdings Inc.’s (Chubb) recently announced EUR 900 million 1.55% Senior Unsecured Notes due 2028 and EUR 900 million 2.50% Senior Unsecured Notes due 2038. The notes are guaranteed by Chubb Limited (Zurich, Switzerland) [NYSE: CB]. The outlook assigned to the Credit Ratings (ratings) is stable.
Following the senior unsecured notes issue, financial leverage and coverage measures will be supportive of the assigned ratings. Chubb intends to use the net proceeds of the offering to repay outstanding debt. This includes notes due in 2018 and 2019 and the redemption of the $1.0 billion aggregate principal amount of Directly Issued Subordinated Capital Securities with scheduled maturity in 2037. With these payments, including the payment of the March 2018 note, the next debt maturity is November 2020.
Chubb’s Long-Term Issuer Credit Rating of “a+,” its existing Long-Term IRs and the ratings of its operating insurance subsidiaries are unchanged.
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