Press release from Business Wire
A.M. Best Assigns Debt Rating to Reinsurance Group of America Incorporated's Newly Issued Senior Notes
Friday, September 20, 2013
A.M. Best Assigns Debt Rating to Reinsurance Group of America Incorporated's Newly Issued Senior Notes10:01 EDT Friday, September 20, 2013
OLDWICK, N.J. (Business Wire) -- A.M. Best Co. has assigned a debt rating of “a-” to the newly issued $400 million 4.70% senior unsecured notes due 2023 of Reinsurance Group of America Incorporated (RGA) (St. Louis, MO) [NYSE:RGA]. The assigned outlook is stable. RGA's existing financial strength, issuer credit and debt ratings are unchanged.
The proceeds from the debt offering will be used for general corporate purposes, and the notes will rank senior to RGA's existing subordinated and junior subordinated debentures. A.M. Best notes that RGA's adjusted financial leverage and adjusted interest coverage remain within A.M. Best's guidelines for RGA's current rating level (after adjusting for one-time charges associated with higher than expected Australia claims in the second quarter of 2013).
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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