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Fitch to rate Travelers notes A
Fitch Ratings said it expects to assign A ratings to the Travelers Cos., Inc.'s planned $1.5 billion issue of senior unsecured notes.
The outlook is stable.
The agency expects Travelers to use proceeds from the issue to pay $443 million of senior notes maturing in August and $42 million of medium-term notes with maturities prior to the end of 2007. As a result, Fitch said it views the issuance as having comparatively little impact on the company's overall financial leverage or capital structure.
At March 31, Travelers' debt-to-total capital ratio was a moderate 20% and earnings-based interest and preferred dividend coverage was strong at 19.8x, the agency said.
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