A.M. Best Assigns Debt Rating to Unitrin, Inc.’s Senior Notes
23 Noviembre 2010 - 12:52PM
Business Wire
A.M. Best Co. has assigned a debt rating of “bbb-” to the
$250 million, 6.00% unsecured senior notes due November 30, 2015 of
Unitrin, Inc. (Unitrin) (Chicago, IL) [NYSE: UTR]. The
proceeds from the notes will be used to repay borrowings under
Unitrin’s credit facility, make a capital contribution to a
subsidiary life insurance company, and for working capital and
other general corporate purposes. Financial leverage ratios are
within A.M. Best’s guidelines for the current rating. Pro forma
debt-to-capital ratio after repayment of the credit facility was
21.8%, and pro forma debt-to-tangible capital was 24.5% at
September 30, 2010.
The principal methodology used in determining these ratings is
Best’s Credit Rating Methodology -- Global Life and Non-Life
Insurance Edition, which provides a
comprehensive explanation of A.M. Best’s rating process and
highlights the different rating criteria employed. Additional key
criteria utilized include “A.M. Best’s Ratings & the Treatment
of Debt.” Methodologies can be found at
www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and
most authoritative insurance rating and information source. For
more information, visit www.ambest.com.
Copyright © 2010 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
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