Fitch rates Kemper notes BBB-

Fitch Ratings said it assigned a BBB- rating to Kemper Corp.’s $200 million issuance of senior unsecured notes maturing in 2025.

The new rating is equivalent to the ratings on Kemper’s existing senior debt.

Kemper repaid $360 million of maturing senior notes in May 2017. The proceeds from the new senior note issuance are expected to be used for general corporate purposes. Pro forma financial leverage is expected to decrease to 24.9%, down from 29.6% as of March 31, 2017.

Kemper's GAAP fixed-charge coverage ratio dropped to 1.1 times in 2016 from 2.6 times for full-year 2015, as earnings included a $77.8 million pre-tax ($50.5 million after-tax) charge to recognize the impact of using death verification databases.

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