OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” (Good) to the EUR 500 million 4.625% senior unsecured notes, due 2030, issued by Liberty Mutual Group Inc. (LMGI) (Boston, MA). The notes are guaranteed by Liberty Mutual Holding Company Inc. and LMHC Massachusetts Holdings, Inc. The outlook assigned to the Credit Rating (rating) is stable.
Inclusive of these senior unsecured notes issue, AM Best expects financial leverage and coverage measures to be within the tolerance of the assigned Long-Term IR. LMGI intends to use the net proceeds to retire other debt and for general corporate purposes.
LMGI’s Long-Term Issuer Credit Rating of “bbb” (Good) and its existing Long-Term IRs, as well as the ratings of its operating insurance subsidiaries, are unchanged.
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