A.M. Best Co. has assigned debt ratings of “bbb” to the $250 million 2.96% senior unsecured notes due March 2018, the $250 million 4.26% senior unsecured notes due March 2023 and the $250 million 5.83% senior unsecured notes due March 2043 to be issued by Assurant, Inc. (Assurant) (headquartered in New York, NY) (NYSE: AIZ). The outlook assigned to all ratings is stable.
Assurant intends to use the net proceeds for general corporate purposes including to repay at maturity its $500 million of 5.63% senior notes due February 2014. The company’s financial leverage and coverage measures will remain within A.M. Best’s guidelines for the assigned ratings.
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” and “Insurance Holding Company and Debt Ratings.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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