MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services assigned
it's 'A-' rating to Travelers Cos. Inc.'s (TRV) $500 million senior notes due
2018.
The proceeds from notes are expected to be used for general corporate
purposes, the ratings agency said.
S&P has an 'A-' rating with a stable outlook, and an 'A-2' rating on TRV.
The counterparty credit rating on Travelers is based on the group's very
strong market position, operating performance, operating company capitalization,
and conservative financial leverage and coverage ratios, S&P said.
However, these strengths are offset by the possibility of some further
adverse development of reserves associated with the pre-merger liabilities of
the St. Paul Fire & Marine Group and the company's large exposure to asbestos
claims, S&P added.
TFN.newsdesk@thomson.com
pvi/ypv
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|