09/23/2020 | Press release | Distributed by Public on 09/23/2020 06:56
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SEPTEMBER 23, 2020 08:48 AM (EDT)
AM Best Assigns Issue Credit Rating to Kemper Corporation's Senior Unsecured Notes
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Manager, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 23, 2020 08:48 AM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of 'bbb-' to the $400 million, 2.4% senior unsecured notes, due September 2030, recently announced by Kemper Corporation (Kemper Corp.) (Delaware) [NYSE: KMPR]. The outlook assigned to the Credit Rating (rating) is positive.
Proceeds will be used for general corporate purposes and to fund growth opportunities. Following the issuance of the 10-year senior notes, Kemper Corp.'s financial leverage will increase slightly, but remain within AM Best's guidelines for the assigned rating. Debt to total capital will measure 24.2% and debt to tangible capital will measure 31.4%. Coverage metrics also will remain within AM Best's guidelines.
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 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 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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.