AM Best Assigns Issue Credit Rating to Maine Mutual Group’s New Senior Unsecured Notes

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the USD 35 million, 9.5% senior unsecured notes, due 2046, issued by Maine Mutual Group (Presque Isle, ME). The outlook assigned to the Credit Rating (rating) is negative.

Management plans to restructure a portion of its existing bank debt in an attempt to improve the efficiency and flexibility of the group’s capital structure through the issuance of the senior unsecured notes. A portion of the funding will be invested in technological advancements that will allow for a significant increase in automation and product/pricing enhancements at the operating company with the goal of future cost reductions. Furthermore, a portion of the proceeds will be utilized to support growth to maintain underwriting leverage ratios at acceptable levels.

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