AM Best Assigns Issue Credit Rating to The Travelers Companies, Inc.’s New Senior Unsecured Notes
05/25/2023 - 02:34 PM
OLDWICK, N.J. --(BUSINESS WIRE)--
AM Best has assigned a Long-Term Issue Credit Rating of “a+” (Excellent) to the new $750 million , 5.45% 30-year senior unsecured notes due May 25, 2053, recently issued by The Travelers Companies, Inc. (Travelers) (headquartered in New York, NY ) [NYSE: TRV]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of Travelers and its subsidiaries are unchanged.
The proceeds from the sale of the notes will be used for general corporate purposes. While Travelers’ financial leverage will increase modestly, it will remain within AM Best’s guidelines to support the company’s current ratings. AM Best views Travelers’ debt-servicing capabilities favorably, with sufficient liquidity to service its debt, a well-laddered debt maturity structure and strong interest coverage.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings . For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States , the company does business in over 100 countries with regional offices in London , Amsterdam , Dubai , Hong Kong , Singapore and Mexico City . For more information, visit www.ambest.com .
Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Elizabeth Blamble
Senior Financial Analyst
+1 908 439 2200, ext. 5603
elizabeth.blamble@ambest.com
Michael Lagomarsino, CFA, FRM
Senior Director
+1 908 439 2200, ext. 5810
michael.lagomarsino@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com
Source: AM Best
TRV Rankings
#2898 Ranked by Stock Gains
TRV Stock Data
Industry
Direct Property and Casualty Insurance Carriers
Sector
Finance and Insurance
Tags
Finance, Property/Casualty Insurance, Multi-Line Insurance, Finance and Insurance, Direct Property and Casualty Insurance Carriers
Country
US
City
Saint Paul
About TRV
in an uncertain world, travelers is an insurance leader, committed to keeping pace with the ever-changing needs of our customers, and anticipating their needs for the future. there is no stronger testament to our dedication to protecting customers from loss than our continued innovation and ability to transform our industry. in fact, from the first ever auto and space travel policies and hybrid car discount, to the 2009 founding of the travelers institute for public policy, our history of advancements has propelled our company—and our industry—towards ever higher standards for customers. today, more than 150 years after our founding, travelers is one of the nation's largest property casualty companies. a component of the dow jones industrial average, travelers has more than 30,000 employees, 13,000 independent agents and multiple market segments across the personal, business, financial and international insurance groups. travelers has operations in the united states, united kingdom, ca