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Fitch: Infinity notes BBB
Fitch Ratings said it assigned a BBB to Infinity Property & Casualty Corp.'s new $275 million 10-year 5% senior unsecured notes due 2022.
Fitch also affirmed the company's long-term issuer default rating at BBB+ and the BBB rating on its $195 million 5.5% senior unsecured note due 2014.
The outlook is stable.
The ratings are based on Infinity's historically strong underwriting results, quality balance sheet characterized by strong capitalization and adequate loss reserving levels, Fitch said.
Offsetting these positives are negative trends in its profitability and its business concentration in the California auto market, which represents about 50% of net written premiums, the agency said.
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