S&P rates Horace Mann notes BBB

Standard & Poor's said it assigned its BBB senior unsecured debt rating to Horace Mann Educators Corp.'s $75 million senior notes due 2015.

Proceeds will be used to pay down the $25 million outstanding on the company's previous bank credit agreement and retire $29 million in outstanding senior notes due 2006, while the remainder will be used for general purposes, the agency said.

The rating is based on Horace Mann's good liquidity, strong operating performance and strong capital, offset by challenges to further penetrate its core market, S&P added.

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