Moody's rates Travelers notes A3

Moody's Investors Service said it assigned an A3 rating to $500 million senior unsecured notes due 2018 to be issued by Travelers Cos., Inc.

Proceeds will be used for general corporate purposes.

The A3 rating on will be placed on review for upgrade, which began on Nov. 20.

According to Moody's, ratings are based on the group's leading position in the property/casualty insurance market, its strong profitability and internal capital generation, its high quality investment portfolio and liquidity, solid capitalization and reserve position.

Tempering these strengths is the company's exposure to cyclical pricing trends in the property/casualty insurance sector and to catastrophes, the agency said.

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