OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb” to the recently announced CAN 150 million 5.4% non-cumulative preferred stock offering of Intact Financial Corporation (IFC) (Toronto, Ontario, Canada). The outlook assigned to this Credit Rating (rating) is stable. Intact’s Long-Term Issuer Credit Rating of “a-”, as well as the ratings of its operating insurance subsidiaries and all other debt issuances are unchanged.
The proceeds from this issuance are intended to be utilized for general corporate purposes. While Intact’s financial leverage increased slightly with this issuance, it is anticipated to remain within AM Best’s guidelines relative to its current ratings.
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