OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to the 3.95% senior unsecured notes, due 2060, recently announced by Liberty Mutual Group Inc. (LMGI) (Boston, MA). The total issue may reach $1,000 million, including notes issued as part of the exchange process announced by LMGI on April 28, 2020. 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 fund and exchange higher coupon debt and for other corporate purposes.
LMGI’s Long-Term Issuer Credit Rating of “bbb” and its existing Long-Term IRs, and the ratings of its operating insurance subsidiaries are unchanged.
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