Moody's assigns Unum notes Baa2

Moody's Investors Service said it assigned a Baa2 senior debt rating to Unum Group's (senior debt at Baa2, stable outlook) $300 million issuance of 10-year senior notes.

The notes are a drawdown from a shelf registration filed in November 2011. Proceeds will be used for general corporate purposes.

"Although Unum's debt issuance will marginally raise the company's adjusted financial leverage, it will remain within our expectations - the mid 20% range. Unum also has flexibility to apply the proceeds to refinancing debt that matures within the next two years," Moody's vice president Ann Perry said in a news release

Moody's said Unum's ratings are based on its leading market share in the group long-term and individual disability markets and on the company's established and growing position in the voluntary benefits market.

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