OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned the Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to the forthcoming $350 million 4.5% senior unsecured notes, due 2049, recently announced by Liberty Mutual Group Inc. (LMGI) (Boston, MA). The notes are guaranteed by Liberty Mutual Holding Company Inc. and LMHC Massachusetts Holdings, Inc. The outlook assigned to the Credit Rating (rating) is stable.
Following the senior unsecured notes issue, financial leverage and coverage measures will be supportive of the assigned ratings. LMGI intends to use the net proceeds of the offering to redeem higher coupon debt and for general corporate purposes.
LMGI’s Long-Term Issuer Credit Rating of “bbb”, its existing Long-Term IRs and the ratings of its operating insurance subsidiaries are unchanged.
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