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Moody's rates Liberty Mutual notes Ba1
Moody's Investors Service said it assigned a Ba1 rating to Liberty Mutual Group Inc.'s proposed offering of junior subordinated notes in two tranches, due 2067 and 2087, respectively, and placed this rating immediately on review for possible upgrade. The deal size has not been finalized, but is expected to be between $500 million and $1 billion, and the notes will be guaranteed by Liberty Mutual Holding Company Inc. and by LMHC Massachusetts Holdings Inc.
The agency said the Ba1 rating is based on the junior subordinated ranking of these instruments, the structural priority of claim for holders of the company's Baa3 rated senior unsecured debt and the fundamental credit profile of the Liberty Mutual group.
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