12/03/2019 | Press release | Distributed by Public on 12/03/2019 13:22
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Press Release - DECEMBER 03, 2019
AM Best Assigns Issue Credit Ratings to Chubb INA Holdings Inc.'s Senior Unsecured Notes
Senior Financial Analyst
+1 908 439 2200, ext. 5161
Jennifer Marshall, CPCU, ARM
Manager, Public Relations
+1 908 439 2200, ext. 5159
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 03, 2019
AM Best has assigned the Long-Term Issue Credit Rating (Long-Term IR) of 'a+' to Chubb INA Holdings Inc.'s (Chubb) (Delaware) recently announced EUR 700 million 0.300% senior unsecured notes due 2024 and EUR 700 million 0.875% senior unsecured notes due 2029. These notes are guaranteed by Chubb Limited [NYSE: CB]. The outlook assigned to the Credit Ratings (ratings) is stable.
Following the senior unsecured notes issuance, financial leverage and coverage measures will deteriorate slightly but remain strongly supportive of the assigned ratings. Chubb intends to use the net proceeds of the offering for general corporate purposes, which may include investments in or loans to subsidiaries, possible strategic investments or acquisitions, capital expenditures and repayment, redemption or refinancing of debt.
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 credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.