S&P gives Accident Fund notes BBB

S&P said it gave its BBB rating to Accident Fund Insurance Co. of America's 8.5% $350 million of surplus notes due 2032.

“This rating is two notches below our A- issuer credit rating on Accident Fund because payments may be deferred due to regulatory restrictions and the notes' subordination to policyholder obligations,” the agency said in a press release.

The proceeds will fund a portion of the consideration payable for the AmeriTrust Group acquisition and for general corporate purposes.

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