This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

A.M. Best Affirms Ratings Of CNA Financial Corporation And Its Subsidiaries

A.M. Best believes that CAC is well positioned at its current rating level for the foreseeable future. However, downward rating pressures may occur should CAC experience unfavorable earnings or capital trends. Additionally, downward rating actions on CAC may occur should CCC experience a material decline in its financial strength.

While the ratings for CNA are stable, future positive rating actions may result if it outperforms its projections. However, negative rating actions could result if its operating performance falls markedly short of A.M. Best’s expectations.

The FSR of A (Excellent) and ICRs of “a” have been affirmed for the following property/casualty members of the CNA Insurance Companies:

  • American Casualty Company of Reading, Pennsylvania
  • Columbia Casualty Company
  • Continental Casualty Company
  • The Continental Insurance Company of New Jersey
  • The Continental Insurance Company
  • National Fire Insurance Company of Hartford
  • North Rock Insurance Company Limited
  • Transportation Insurance Company
  • Valley Forge Insurance Company

The following debt ratings have been affirmed:

CNA Financial Corporation—

--”bbb” on $550 million 5.85% senior unsecured notes, due 2014 (of which $549 million was outstanding as of September 30, 2012)
--”bbb” on $350 million 6.5% senior unsecured notes, due 2016
--”bbb” on $150 million 6.95% senior unsecured notes, due 2018
--”bbb” on $350 million 7.35% senior unsecured notes, due 2019
--”bbb” on $500 million 5.875% senior unsecured notes, due 2020
--”bbb” on $400 million 5.75% senior unsecured notes, due 2021

--”bbb” on $250 million 7.25% senior unsecured debentures, due 2023 (of which $243 million was outstanding as of September 30, 2012)

The following indicative debt ratings on securities available under the shelf registration have been affirmed:

CNA Financial Corporation—

-- “bbb” on senior unsecured debt
-- “bbb-” on senior subordinated debt
-- “bb+” on junior subordinated debt
-- “bb+” on preferred stock
 

CNA Financial Capital I, II and III—

-- “bb+” on preferred securities

The methodology used in determining these ratings is Best’s Credit Rating Methodology , which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Catastrophe Analysis in A.M. Best’s Ratings”; “Insurance Holding Company and Debt Ratings”; “The Treatment of Terrorism Risk in the Rating Evaluation”; “Understanding BCAR for Property/Casualty Insurers”; “Understanding BCAR for Life/Health Insurers”; “A.M. Best’s Liquidity Model of U.S. Life Insurers”; and “Rating Members of Insurance Groups.” Best’s Credit Rating Methodology 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 © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Copyright Business Wire 2010
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs