S&P rates Assurant notes BBB

Standard & Poor's said it assigned its BBB senior debt rating to Assurant Inc.'s issuance of $750 million senior notes maturing in 2018, 2023 and 2043. All other ratings remain unchanged.

The rating on the notes reflects Assurant's leading niche positions in several specialty insurance businesses and its strong and diverse earnings sources through multiple operating entities, large distribution partners, and fee-based businesses, the agency said.

Strong capital adequacy and strong financial flexibility with moderate leverage and strong coverage metrics also support the rating, according to S&P.

Somewhat offsetting these strengths have been the lingering negative effects of the slow economic recovery on premium volumes and profit margins and high exposure to insurance regulation risks, S&P said.

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