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Moody's: Liberty Mutual notes Baa2
Moody's Investors Service said it assigned a Baa2 rating to $600 million of 10-year senior notes being issued by Liberty Mutual Group Inc.
The notes rank equally with Liberty Mutual's existing and future unsecured senior debt and are irrevocably and unconditionally guaranteed, on a senior unsecured basis, by each of Liberty Mutual Holding Co. Inc. and LMHC Massachusetts Holdings Inc.
Net proceeds from the offering are expected to be used to redeem upcoming maturing notes and for general corporate purposes.
The outlook is stable.
"Liberty Mutual's financial profile is supported by its solid market position in both commercial and personal lines insurance and its significant international presence," Moody's lead analyst Paul Bauer said in a news release.
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