AM Best Assigns Issue Credit Rating to Assurant, Inc.’s New Senior Unsecured Notes

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to the $350 million 3.7% 10 ½ -year senior unsecured notes due Feb. 22, 2030 issued by Assurant, Inc. (Assurant) (headquartered in New York, NY) [NYSE: AIZ]. The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Assurant and its subsidiaries are unchanged.

The proceeds from the sale of the notes will be used toward Assurant’s recently announced tender offer to fund the purchase of up to $100 million aggregate principal amount of the $375.0 million outstanding aggregate principal amount of its 6.750% senior unsecured notes due 2034, to redeem all or a portion of the $300.0 million outstanding aggregate principal amount of its floating rate senior unsecured notes due 2021 and to pay related premiums, fees and expenses. Any remaining net proceeds will be used for general corporate purposes.

Following this issuance and note redemptions, AM Best expects Assurant’s debt-to-total capital and adjusted debt-to-tangible capital measures to remain within AM Best’s guidelines for the company’s current rating level. In addition, AM Best expects Assurant’s interest coverage ratio to remain adequate for its ratings.

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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190816005313/en/