AM Best Assigns Issue Credit Rating to CNA Financial Corporation’s New Senior Unsecured Notes

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the recently issued $500 million, 5.125% senior unsecured notes due Feb. 15, 2034, of CNA Financial Corporation (CNAF) (Chicago, IL).

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Business Wire, Inc.

Retrieved on:

Wednesday, February 7, 2024

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Tags:

Other Professional Services, Professional Services, Insurance, CNA Financial, News, AM Best, Good, CNA, Credit, Sale, ALL, CNAF

Geotags:

EUROPE, UNITED STATES, NORTH AMERICA, ILLINOIS, NEW YORK, NEW JERSEY, AM, LONDON, CHICAGO, SINGAPORE

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AM BEST

Summary

Key Points:

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the recently issued $500 million, 5.125% senior unsecured notes due Feb. 15, 2034, of CNA Financial Corporation (CNAF) (Chicago, IL).
Proceeds from the sale of the senior unsecured notes will be utilized to repurchase, redeem, repay or otherwise retire the $550 million outstanding aggregate principal balance of the 3.95% senior unsecured notes due May 15, 2024.
For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the recently issued $500 million, 5.125% senior unsecured notes due Feb. 15, 2034, of CNA Financial Corporation (CNAF) (Chicago, IL). The outlook assigned to the Credit Rating (rating) is stable.

Proceeds from the sale of the senior unsecured notes will be utilized to repurchase, redeem, repay or otherwise retire the $550 million outstanding aggregate principal balance of the 3.95% senior unsecured notes due May 15, 2024. CNAF maintains financial leverage and coverage measures that are within AM Best’s guidelines for this rating and both are expected to remain so following the new debt issuance. The existing ratings of CNAF and its subsidiaries are unchanged.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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