S&P rates CNA Financial senior notes BBB

Standard & Poor's said it assigned its BBB debt rating to CNA Financial Corp.'s $550 million senior unsecured notes.

CNA expects to use the proceeds from the notes to redeem $549 million in outstanding notes due Dec. 15, 2014.

S&P said it expects the company's financial leverage to increase temporarily after issuance until the December maturity is repaid. S&P anticipates CNA's fixed-charge coverage to remain at or above 6x to 8x, which is within the agency's expectations.

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