S&P rates Nationwide Mutual notes A-

Standard & Poor's said it assigned an A- rating to Nationwide Mutual Insurance Co.'s issuance of $400 million in surplus notes.

The proceeds will be used to refinance the callable $400 million outstanding notes due in April 2034.

The agency said it expects the company's financial leverage to remain less than 25%.

Financial leverage and coverage is expected to remain largely the same during the next two years, S&P said.

The ratings reflect the group's strong competitive position arising from its large geographic footprint, underscored by diverse earnings, the agency said.

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