AM Best Assigns Indicative Issue Credit Ratings to Assurant, Inc.'s New Shelf Registration
AM Best has assigned indicative Long-Term Issue Credit Ratings of "bbb+" (Good) to subordinated issues, "bbb" (Good) to preferred stock issues and "a-" (Excellent) to senior unsecured issues on the recently filed shelf registrations of Assurant, Inc. (Assurant) (headquartered in Atlanta, GA). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings of the previous shelf registration, which has expired.
AM Best notes that Assurant manages its financial leverage to a modest level and continues to maintain good interest coverage. AM Best expects the run rate interest coverage to be in the five to seven times range. The company's cash flow, capitalization and operating results continue to be strong, with well-diversified revenue and earning streams.
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 use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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