AM Best Assigns Issue Credit Rating to CNO Financial Group, Inc.’s New Senior Unsecured Notes
14 Mayo 2024 - 2:11PM
Business Wire
AM Best has assigned a Long-Term Issue Credit Rating of
“bbb” (Good) to the $700 million, 6.45% senior unsecured notes, due
June 15, 2034, of CNO Financial Group, Inc. (CNO) (Carmel, IN)
[NYSE: CNO]. The notes are callable at any time prior to March 15,
2034. The outlook assigned to this Credit Rating (rating) is
stable. All other ratings of CNO and its subsidiaries are
unchanged.
The proceeds from this debt issuance are expected to be used for
general corporate purposes, which may include the redemption,
repurchase or repayment at or prior to maturity of CNO’s $500
million, 5.25% senior notes due 2025 and to pay any fees and
expenses associated with its debt retirement and the current
offering. AM Best has analyzed the amount of debt leverage and the
impact of the new issuance is expected to increase leverage
temporarily before returning to target levels upon the maturity of
the $500 million notes in 2025. CNO’s interest coverage before
interest and taxes at year-end 2023 also are within range of AM
Best’s tolerances for the rating. The company has $566 million of
cash and cash equivalents as of March 31, 2024, and in its most
recent disclosure, reported a gain on the quarter of $112.3
million.
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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