Moody’s assigns Baa1 to Intact notes

Moody’s Investors Service said it assigned a Baa1 rating to C$400 million of senior unsecured notes due September 2054 to be issued by Intact Financial Corp.

The agency affirmed Intact’s Baa1 ratings on Nov. 18, 2020.

The company plans to use the proceeds to partially fund the planned acquisition of the brokered commercial business of Direct Line Insurance Group plc, DLG, Baa1 (hyb) subordinate debt, and related capital requirements and integration costs.

The outlook is unchanged at stable.

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