Fitch gives Kemper notes BB+

Fitch Ratings said it assigned a BB+ rating to Kemper Corp.'s issuance of $150 million of junior subordinated notes due 2062.

The notes are rated three notches below Kemper's long-term issuer default rating (IDR), reflecting two notches for the baseline recovery assumption of ‘poor’ and one additional notch reflecting the 'minimal' non-performance risk assessment. The notes include an interest deferral feature at the option of the issuer for up to five years,” Fitch said in a press release.

Kemper is expected to use the proceeds for general corporate purposes.

The outlook is negative.

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