A.M. Best Assigns Issue Credit Rating to The Hartford Financial Services Group, Inc.’s Junior Subordinated Debentures Offer...
March 07 2017 - 3:25PM
Business Wire
A.M. Best has assigned a Long-Term Issue Credit Rating of
“bbb” to the recently issued USD $500 million floating rate junior
subordinated debentures due 2067 of The Hartford Financial
Services Group, Inc. (The Hartford) (headquartered in Hartford,
CT) [NYSE:HIG]. The outlook assigned to the Credit Rating is
stable.
Proceeds from the offering will be utilized to retire existing
junior subordinated notes of $500 million with a coupon rate of
8.125% on its June 2018 call date. Holders of the new junior
subordinated notes will receive floating rate interest of 3-month
Libor plus 212.5 basis points. The notes will mature on Feb. 12,
2067. Following issuance of the new notes, The Hartford’s financial
leverage and coverage metrics will remain within guidelines for the
company’s Long-Term Issuer Credit Ratings.
This press release relates to Credit Ratings that have been
published on A.M. 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 A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170307006393/en/
A.M. BestJonathan Harris, CFA, FR, +1 908-439-2200,
ext. 5771Senior Financial
Analystjonathan.harris@ambest.comorChristopher
Sharkey, +1 908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJennifer
Marshall, CPCU, ARM, +1 908-439-2200, ext.
5327Directorjennifer.marshall@ambest.comorJim
Peavy, +1 908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
Hartford Financial Servi... (NYSE:HIG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hartford Financial Servi... (NYSE:HIG)
Historical Stock Chart
From Apr 2023 to Apr 2024