S&P affirms Liberty Mutual

S&P Global Ratings said it affirmed its BBB long-term counterparty credit rating on Liberty Mutual Group Inc. following Liberty Mutual's announcement of its intent to acquire Ironshore Inc. The outlook is stable.

At the same time, S&P affirmed the BBB long-term counterparty credit ratings on Ironshore Inc. and Ironshore Holdings (U.S.) Inc. (collectively Ironshore) and removed them from CreditWatch negative, where S&P initially placed them May 4, 2015. The outlook is stable.

“The affirmations follow the announcement that Liberty Mutual and Ironshore have entered into a definitive merger agreement whereby Liberty Mutual will acquire 100% of Ironshore from Chinese conglomerate Fosun International Ltd. for approximately $3 billion, funded mostly through cash and possibly some debt,” said S&P credit analyst Tracy Dolin in a news release.

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