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Moody’s rates Kemper notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to roughly $200 million of senior unsecured notes being issued by Kemper Corp. off its multi-purpose shelf registration.
The notes are a reopening of 10-year senior notes issued in 2015 and therefore mature in about eight years.
Net proceeds are expected to be used for general corporate purposes.
Kemper’s outlook is stable.
Moody's said the ratings reflect the company's solid risk adjusted capitalization, good geographic diversification, consistently profitable home service insurance business, and a high-quality fixed-income portfolio.
Offsetting these strengths are the group's limited scale in the highly competitive personal lines sector, growth and profitability challenges in personal auto, limited growth opportunities in the declining home service insurance business, and exposure to natural catastrophes, the agency explained.
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