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Fitch rates Intact notes A-
Fitch Ratings said it assigned an A- rating to Intact Financial Corp.'s senior notes offering.
“The rating on the issuance is equivalent to Fitch's ratings on IFC's currently outstanding senior notes. No action was taken on IFC's other ratings,” the agency said in a press release.
The C$400 million of proceeds will be used to partially fund the purchase price of unrated Direct Line Group plc's brokered commercial lines operations. The purchase price includes an initial cash consideration of £520 million, with the potential of up to a further £30 million contingent payment based on earnout provisions relating to the financial performance of the acquired business lines.
The outlook is stable.
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