Chubb INA Holdings Inc. Senior Unsecured Notes Rated #A#

Stocks and Financial Services Press Releases Friday March 2, 2018 08:43
NEW YORK--2 Mar--S&P Global Ratings

NEW YORK (S&P Global Ratings) March 1, 2018----S&P Global Ratings said today that it has assigned its 'A' debt rating to U.S.-based intermediary holding company Chubb INA Holdings Inc.'s (Chubb INA) issuance of EUR900 million of 1.55% senior unsecured notes due 2028 and EUR900 million of 2.50% senior unsecured notes due 2038. The senior notes are each fully and unconditionally guaranteed by Switzerland-based ultimate parent Chubb Ltd. (Chubb).

Chubb will use the net proceeds of this offering for general corporate purposes that may include prefunding upcoming debt maturities, including its $600 million of its 5.75% senior debt due May 15, 2018, $100 million of its 6.6% debentures due Aug. 15, 2018 and $500 million of its 5.9% senior debt due June 15, 2019. Chubb may also use the proceeds to call its aggregate $1.0 billion 6.375% subordinated capital securities due 2037.

We expect Chubb to maintain financial leverage below 25% and EBITDA fixed-charge coverage above 8x in 2018 and 2019.

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