CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 19, 2020 03:18 PM (EST)
AM Best has assigned a Long-Term Issue Credit Rating of “bbb” to the recently announced CAD 150 million 5.4% non-cumulative preferred stock offering of Intact Financial Corporation (IFC) (Toronto, Ontario, Canada). The outlook assigned to this Credit Rating (rating) is stable. Intact’s Long-Term Issuer Credit Rating of “a-”, as well as the ratings of its operating insurance subsidiaries and all other debt issuances are unchanged.
The proceeds from this issuance are intended to be utilized for general corporate purposes. While Intact’s financial leverage increased slightly with this issuance, it is anticipated to remain within AM Best’s guidelines relative to its current 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 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.