S&P assigns Liberty Mutual notes BBB

S&P said it assigned its BBB rating to Liberty Mutual Group Inc.'s issuance of $500 million of 3.95% senior unsecured notes due in 2060.

The size of this offering is expected to grow with up to $500 million of added notes issued as part of a current exchange offer to holders of certain senior note issues, S&P said.

The company intends to use part of the proceeds to fund about $330 million of senior notes maturing in June 2021 and the remainder for general corporate purposes.

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