Moody’s gives Farmers notes Baa3

Moody's Investors Service said it assigned a Baa3 (hyb) rating to Farmers Insurance Exchange’s planned offering of 30-year surplus notes.

The assigned rating is the same as Moody’s ratings on Farmers’ outstanding surplus notes that were downgraded on Oct. 10.

Farmers intends to use the proceeds for general corporate purposes, which may include the redemption of its surplus notes callable in December 2022 and maturities coming due in May 2024.

The outlook is stable.

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