AM Besthas assigned a Long-Term Issue Credit Rating (Long-Term IR) of "bbb" to the recently issued $250 million, 5.25% subordinated notes, due 2061, of Assurant, Inc. (Assurant) (headquartered in New York, NY) [NYSE: AIZ]. The outlook assigned to the Credit Rating (rating) is stable.
Following the debt issuance, financial leverage will remain within guidelines for the assigned rating. Assurant intends to use the net proceeds from the debt offering, along with available cash on the balance sheet, to fund the company's previously announced acquisition of HYLA Mobile. Any remaining proceeds will be used for general corporate purposes.
Assurant's Long-Term Issuer Credit Rating of "bbb+", its existing Long-Term IRs and the ratings of its operating insurance subsidiaries are unchanged.
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