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 CAD 425 million 2.85% senior unsecured notes, due 2027, and has assigned a Long-Term IR of “bbb” to the recently announced CAD 150 million Preferred Stock of Intact Financial Corporation (Intact) (Toronto ON) (TSX:IFC). The outlook assigned to the Credit Ratings (ratings) is stable. Intact’s Long-Term Issuer Credit Rating of “a-”, its existing Long-Term IRs and the ratings of its operating insurance subsidiaries are unchanged.
The proceeds from these issuances are intended to be utilized to help fund the pending acquisition by Intact of OneBeacon Insurance Group Ltd., slated to close in the fourth quarter 2017. While Intact’s financial leverage will increase modestly in the near term, it will remain within A.M. Best’s guidelines to support its current 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. 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.
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