AM Best Assigns Issue Credit Rating to The Travelers Companies, Inc.'s New Senior Unsecured Notes
AM Best has assigned a Long-Term Issue Credit Rating of "a+" (Excellent) to the new $750 million, 5.45% 30-year senior unsecured notes due May 25, 2053, recently issued by The Travelers Companies, Inc. (Travelers) (headquartered in New York, NY) [NYSE: TRV]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of Travelers and its subsidiaries are unchanged.
The proceeds from the sale of the notes will be used for general corporate purposes. While Travelers' financial leverage will increase modestly, it will remain within AM Best's guidelines to support the company's current ratings. AM Best views Travelers' debt-servicing capabilities favorably, with sufficient liquidity to service its debt, a well-laddered debt maturity structure and strong interest coverage.
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