Fitch rates Travelers notes A

Fitch Ratings said it assigned an A rating to Travelers Cos., Inc.'s $500 million issuance of 30-year senior unsecured notes.

The ratings are equivalent to the ratings on the company’s currently outstanding senior notes.

Fitch anticipates proceeds to be used to repay $500 million in outstanding senior notes maturing May 15, 2018.

Fitch said the A rating reflects expectations that Travelers’ financial leverage ratio will be below 24% following the debt issuance, compared with about 22% at year-end 2017.

Financial leverage remains within management's stated range and below Fitch's 25% rating sensitivity, the agency explained. This calculation does not count the May maturity.

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