Press release from Business Wire
A.M. Best Assigns Debt Rating to The Hartford Financial Services Group Inc.'s Forthcoming Senior Notes
Wednesday, April 17, 2013
A.M. Best Assigns Debt Rating to The Hartford Financial Services Group Inc.'s Forthcoming Senior Notes15:47 EDT Wednesday, April 17, 2013
OLDWICK, N.J. (Business Wire) -- A.M. Best Co. has assigned a debt rating of “bbb+” to the forthcoming $300 million 4.3% senior unsecured notes due 2043 of The Hartford Financial Services Group, Inc., (The Hartford) (Hartford, CT) [NYSE:HIG]. The assigned outlook is stable. The Hartford's existing financial strength, issuer credit and debt ratings are unchanged.
The offering is part of The Hartford's previously announced capital management plan and is the fulfillment of its previously announced intention to issue new long-term debt securities. The Hartford commenced the debt reduction component of the capital plan with the completion of cash tender offers for senior debt in an aggregate principal amount of $800 million on March 26, 2013. The capital management plan also includes The Hartford's previously announced intent to repay the July 2013 and March 2014 debt maturities totaling $520 million. Financial leverage and interest coverage ratios remain within A.M. Best's guidelines for the assigned rating.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
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A.M. Best Co.
Gordon McLean, 908-439-2200, ext. 5304
Senior Financial Analyst
Jennifer Marshall, 908-439-2200, ext. 5327
Managing Senior Financial Analyst
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations