S&P rates Travelers notes A-

Standard & Poor's said it assigned an A- rating to Travelers Cos. Inc.'s (A-/stable/A-2) $500 million senior notes due 2018.

Proceeds will be used for general corporate purposes.

The counterparty credit rating is based on the group's strong market position, operating performance, capitalization and conservative financial leverage and coverage ratios, according to S&P.

Partially offsetting these strengths are the possibility of further adverse development of reserves associated with the pre-merger liabilities of the St. Paul Fire & Marine Group and the company's large exposure to asbestos claims, the agency said.

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