Moody’s rates Liberty Mutual notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to about $500 million of senior unsecured notes due 2060 being issued by Liberty Mutual Group Inc.

Liberty Mutual intends to use the proceeds to pre-fund about $330 million of senior notes due 2021 and for general corporate purposes.

After pricing the notes, Liberty Mutual expects to start an offer to exchange up to $500 million of five series of outstanding senior notes. Liberty Mutual is offering the notes to qualified institutional buyers under Rule 144A of the Securities Act of 1933, Moody’s said.

The outlook is stable.

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