Best’s News & Research Service - June 14, 2019 10:21 AM (EDT)
AM Best Assigns Issue Credit Ratings to Chubb INA Holdings Inc.’s Senior Unsecured Notes
- June 14, 2019 10:21 AM (EDT)
Oldwick //BestWire// - AM Best has assigned Long-Term Issue Credit Ratings (Long-Term IR) of “a+” to Chubb INA Holdings Inc.’s (Chubb) (Delaware) recently announced EUR 575 million 0.875% senior unsecured notes due 2027 and EUR 575 million 1.400% senior unsecured notes due 2031. The notes are guaranteed by Chubb Limited [NYSE: CB]. The outlook assigned to the Credit Ratings (ratings) is stable.
Following the senior unsecured notes issue, financial leverage and coverage measures will remain supportive of the assigned ratings. Chubb intends to use the net proceeds of the offering to repay at maturity the $1.3 billion principal amount of its 2.300% senior unsecured notes due Nov. 3, 2020. Chubb’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.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry.