OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to the $425 million 5.55% 10-year senior unsecured notes, due 2030, issued by Ohio National Financial Services, Inc. (ONFS) (Cincinnati, OH). The outlook assigned to the Credit Rating (rating) is stable. All existing ratings of ONFS and its subsidiaries are unchanged.
The company has used the net proceeds from the issuance mainly to retire existing bank debt. AM Best notes that proforma financial leverage and interest cover metrics remain within guidelines for the current ratings. Holding company liquidity is strong and the earliest maturity of any debt or surplus note of ONFS or its operating subsidiaries does not occur until 2026.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.