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Fitch rates UnumProvident debentures BBB-
Fitch Ratings said it assigned a BBB- rating to UnumProvident Finance Co. plc's new $400 million 6 5/8% senior debentures due 2015.
Fitch also affirmed UnumProvident Corp.'s BBB- long-term issuer rating, the BBB- rating for each of its outstanding notes, the BB+ rating on the company's 8¼% adjustable conversion equity units and Provident Financing Trust I's BB+ rating on its 7.405% junior subordinated capital securities.
The outlook is stable.
Proceeds of the offering will be used to repatriate dividends to UnumProvident Corp.
The rating reflects the full and unconditional guarantee by UnumProvident Corp., the agency said.
To maintain its current debt leverage, UnumProvident plans to reduce its outstanding debt by an amount equal to the debt issuance during the first quarter of 2006 by participating in the remarketing of its adjusted conversion rate equity units in February, the agency said.
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