S&P: CNA Financial notes BBB

Standard & Poor’s said it assigned a BBB debt rating to CNA Financial Corp.’s $400 million senior unsecured notes.

The proceeds from the notes will be used to redeem $350 million in outstanding notes due Aug. 15, 2016, the agency said, and for general corporate purposes.

The company’s financial leverage is expected to increase temporarily after the issuance until the Aug. 15 maturity is repaid, S&P said.

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