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Fitch assigns Liberty Mutual notes BBB-
Fitch Ratings said it assigned a BBB- rating to Liberty Mutual Group Inc.'s $600 million of 5% senior unsecured debt due 2021.
The outlook is stable.
Fitch also said it affirmed the company's issuer default rating at BBB, along with its $187 million of 7.25% notes due 2012 at BBB-, $260 million of 8% notes due 2013 at BBB-, $180 million of 7.3% notes due 2014 at BBB-, $500 million of 5.75% notes due 2014 at BBB-, $249 million of 6.7% notes due 2016 at BBB-, $3 million of 7.625% notes due 2028 at BBB-, $231 million of 7% notes due 2034 at BBB-, $471 million of 6.5% notes due 2035 at BBB-, $24 million of 7.5% notes due 2036 at BBB-, $300 million of 7% junior subordinated notes due 2067 at BB, $700 million of 7.8% junior subordinated notes due 2087 at BB and $1.25 billion 10¾% junior subordinated notes due 2088 at BB.
The agency also said it affirmed Liberty Mutual Insurance Co.'s issuer default rating at BBB+, $140 million of 8.5% surplus notes due 2025 at BBB, $227 million of 7.875% surplus notes due 2026 at BBB, $435 million of 7.697% surplus notes due 2097 at BBB, along with Ohio Casualty Corp.'s issuer default rating at BBB and $20.4 million of 7.3% notes due 2014 at BBB-.
Safeco Corp.'s issuer default rating also was affirmed at BBB and $16.7 million of 7.25% notes due 2012 at BBB- and Liberty Mutual Group, Inc.'s short-term issuer default rating was affirmed at F2 and $400 million of commercial paper program at F2.
The proceeds of the new debt will be used to fund the company's previously announced tender offer for its 7.5% senior notes due 2036 and general corporate purposes, Fitch said.
The net effect on financial leverage is minimal, the agency said.
The ratings are based on the established and sustainable positions in the company's chosen markets, benefits derived from the company's multiple distribution channels, adequate core underwriting earnings and good liquidity profile, Fitch said.
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