AM Best has assigned the Long-Term Issue Credit Rating (Long-Term IR) of “a+” to Chubb INA Holdings Inc.’s (Chubb) (Delaware) recently announced EUR 700 million 0.300% senior unsecured notes due 2024 and EUR 700 million 0.875% senior unsecured notes due 2029. These notes are guaranteed by Chubb Limited [NYSE: CB]. The outlook assigned to the Credit Ratings (ratings) is stable.
Following the senior unsecured notes issuance, financial leverage and coverage measures will deteriorate slightly but remain strongly supportive of the assigned ratings. Chubb intends to use the net proceeds of the offering for general corporate purposes, which may include investments in or loans to subsidiaries, possible strategic investments or acquisitions, capital expenditures and repayment, redemption or refinancing of debt.
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