Fitch rates Liberty Mutual notes BB

Fitch Ratings said it assigned a BB rating to Liberty Mutual Group, Inc.'s issuance of junior subordinated notes maturing in 2061. Liberty’s issuer default rating is BBB.

The rating is equivalent to the ratings assigned to Liberty’s other outstanding subordinated notes.

Proceeds are expected to be used for general corporate purposes.

Fitch said it forecasts pro forma leverage as of Dec. 31 to be 30%, reflecting the additional junior subordinated notes. Financial leverage was 28.2% at year-end 2020.

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