Fitch to rate Unum notes BBB

Fitch Ratings said it expects to assign a BBB rating to Unum Group Inc.'s planned $400 million 10-year senior notes issuance and affirmed its issuer default rating at BBB+.

The outlook is stable.

Proceeds will be used to pre-fund $225 million of senior notes maturing in March 2011 and for general corporate purposes.

The action recognizes that Unum's current financial leverage metrics remain within expectation for the rating, including equity adjusted leverage near 20%, the agency said.

Ratings reflects the company's strong operating performance despite a weak global economy, conservative investment portfolio, solid capital and liquidity, leadership position in the U.S. employee benefits market and increased diversification, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.