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S&P gives TruStage notes BBB+
S&P said it gave a BBB+ issue rating to TruStage Financial Group Inc.'s (CUNA Mutual) $600 million of senior notes due 2032.
The agency affirmed TruStage’s BBB+ issuer rating on Dec. 13.
“We expect CUNA Mutual to use the proceeds from the offering to repay about $600 million of borrowings under its term loan agreement which was in connection with its acquisition of Assurant Inc.'s global preneed business unit. This issuance will be leverage neutral, and we expect financial leverage to remain near 20% and fixed-charge coverage above 5x in 2022,” the agency said in a press release.
The outlook is stable.
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