Moody’s gives Baa3 to Old Republic notes

Moody's Investors Service said it assigned a Baa3 rating to senior unsecured notes due in August 2026 being issued by Old Republic International Corp. (senior debt Baa3, review for upgrade).

The notes are being issued off Old Republic’s multi-purpose shelf registration.

Net proceeds will be used for general corporate purposes, including the repayment of outstanding convertible senior notes due at maturity in March 2018, unless the notes are converted earlier.

Moody’s said the Baa3 senior debt rating (on review for upgrade) reflects the group's diversified revenue and earnings from its general property & casualty (P&C) and title insurance subsidiaries, good profitability, historically moderate financial leverage and high cash flow coverage metrics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.