Moody’s gives Intact notes Baa3

Moody's Investors Service said it assigned a Baa3(hyb) rating to C$300 million of Intact Financial Corp.’s limited recourse capital note.

“The assigned rating is aligned with the rating level at which Moody's would rate the securities to which the noteholders have recourse in the event of non-payment by Intact of interest or principal on the notes,” the agency said in a press release.

Intact expects to use the proceeds for its U.K. pension de-risking strategy and general corporate purposes.

The outlook for Intact is unchanged at stable.

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