OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the recently issued $500 million, 5.125% senior unsecured notes due Feb. 15, 2034, of CNA Financial Corporation (CNAF) (Chicago, IL). The outlook assigned to the Credit Rating (rating) is stable.
Proceeds from the sale of the senior unsecured notes will be utilized to repurchase, redeem, repay or otherwise retire the $550 million outstanding aggregate principal balance of the 3.95% senior unsecured notes due May 15, 2024. CNAF maintains financial leverage and coverage measures that are within AM Best’s guidelines for this rating and both are expected to remain so following the new debt issuance. The existing ratings of CNAF and its subsidiaries are unchanged.
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