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Article: A.M. Best Assigns Rating to Senior Unsecured Debt Offering of Reinsurance Group of America Incorporated.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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A.M. Best Co. has assigned a debt rating of "a-" to $400 million 6.45% senior unsecured notes due 2019 of Reinsurance Group of America Incorporated (RGA) (St. Louis, MO) [NYSE: RGA]. The outlook assigned to the rating is stable. All existing ratings of RGA are unchanged.
A.M. Best expects the proceeds to be used for general corporate purposes including bolstering the liquidity position at the holding company. RGA's adjusted debt-to-total capital ratio was roughly 22% at September 30, 2009 (excluding other comprehensive income), garnering some equity credit for hybrid securities. The company's financial leverage ratios remain within A.M. Best's guidelines for its ...