OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” to the recently announced $500 million 4.40% senior unsecured notes due 2048 of The Hartford Financial Services Group, Inc. (The Hartford) (headquartered in Hartford, CT) [NYSE: HIG]. The outlook assigned to this Credit Rating (rating) is stable.
Following the senior unsecured note issue, financial leverage will remain within guidelines for the assigned rating. Coverage metrics historically have been within guidelines, but deteriorated in 2017 as a result of various one-time charges. A.M. Best expects coverage metrics in 2018 to improve and be within guidelines. The Hartford intends to use the net proceeds of the offering for general corporate purposes, including the repayment at maturity of its $320 million principal amount of 6.30% senior notes due 2018.
The Hartford’s Long-Term Issuer Credit Rating of “a-”, its existing Long-Term IRs and the ratings of its operating insurance subsidiaries are unchanged.
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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180314005588/en/
