S&P rates Liberty Mutual notes BBB

Standard & Poor’s said it assigned a final debt rating of BBB to Liberty Mutual Group Inc.’s proposed issuance of euro-denominated senior unsecured notes.

The proceeds will be used for general corporate purposes.

On a pro forma basis after the debt issuance, the agency said it expects the company’s financial leverage to be between 26% and 29% with fixed-charge coverage of about 8x as of year-end 2016.

These metrics are in line with the leverage and coverage expectations, S&P said.

Liberty has a strong competitive presence in the U.S. property/casualty insurance market as the fourth-largest insurer based on $29.8 billion of statutory direct premiums written in 2015, the agency said.

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