AM Best Assigns Issue Credit Rating to United Fire Group, Inc.’s New Senior Unsecured Notes
05 Junio 2024 - 5:15PM
Business Wire
AM Best has assigned a Long-Term Issue Credit Rating of
“bbb-” (Good) to recently issued $70 million, 9% senior unsecured
notes due May 31, 2039, of United Fire Group, Inc. (UFG) (Cedar
Rapids, IA) [NASDAQ: UFCS]. The outlook assigned to this Credit
Rating (rating) is stable.
Concurrently, AM Best has withdrawn the indicative rating on the
previously forthcoming debt following confirmation that the note
has been issued. The existing ratings of UFG and its insurance
subsidiaries remain unchanged. UFG’s adjusted financial leverage
and earnings before interest, and taxes coverage are within
acceptable ranges for its current ratings.
AM Best notes that UFG manages its financial leverage to a
modest level and that cash flow, capitalization and operating
results are expected to be in line with expectations over the near
term.
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 use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
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 London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Gordon McLean Senior Financial Analyst +1 908 882
2109 gordon.mclean@ambest.com
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