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S&P rates Liberty Mutual notes BB+
Standard & Poor's said it assigned its BB+ rating to Liberty Mutual Group Inc.'s junior subordinated notes, which are being issued under Rule 144A. The deal size has not been finalized but is expected to be between $500 million and $1 billion. The notes will have a final maturity date of either 2067 or and 2087.
The notes are expected to qualify for equity treatment under S&P's criteria for hybrid securities, based on a review of preliminary documentation. A final determination will be made when the final documentation is reviewed.
The ratings reflect the prominent position of its affiliated insurance companies (collectively referred to as Liberty) in the United States property/casualty insurance market, the agency said. It also reflects a well-diversified business mix by product, distribution channel and geographic region, S&P said.
Partially offsetting these strengths are Liberty's underwriting performance, which has improved but not to the extent seen at many of the company's competitors, the agency added.
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