A.M. Best Assigns Debt Rating to Travelers' Forthcoming Junior Subordinated Debentures.OLDWICK, N.J. -- A.M. Best Co. has assigned a debt rating of "bbb" to the forthcoming $1.0 billion junior subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before with a scheduled maturity of 30 years to be issued by The Travelers Companies The Travelers Companies (NYSE: TRV) is the second largest underwriter of commercial property casualty and personal insurance in the United States. The company is headquartered in St. Paul, Minnesota and has major operations in Hartford, Connecticut. , Inc. (Travelers) (St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , MN) [NYSE NYSE See: New York Stock Exchange :TRV TRV Technical Remote Viewing TRV Tobacco Rattle Virus TRV Temporary Resident Visa (Canada) TRV Thermostatic Radiator Valve TRV Transient Recovery Voltage TRV Toxicity Reference Value (ecology) ]. On February 26, 2007, The St. Paul Travelers Companies, Inc. was renamed The Travelers Companies, Inc. The rating outlook is stable. Proceeds from the current offering will be used primarily to pre-fund $893 million 4.50% convertible junior subordinated notes due April 15, 2032, which the company is considering calling. Management views the new junior subordinated debentures as a good replacement for the convertible junior subordinated notes, as the dilutive aspects of the latter are eliminated. Travelers intends to maintain its total debt-to-capital at or below 20% and cash at the holding company in excess of $1.0 billion. Given the solid risk-adjusted capitalization of Travelers Insurance Companies, formerly known as St. Paul Travelers Insurance Companies, (St. Paul, MN) and its strong earnings outlook in the near term, A.M. Best believes Travelers is well positioned to achieve its capital management plans in 2007. For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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