A.M. Best Co. has assigned a debt rating of AMB-2 to Assurant, Inc.'s [NYSE: AIZ] (New York) new commercial paper program. The privately-placed program has a capacity of up to $500 million and is 100% backed by a bank line of credit. The rating outlook is stable.
The establishment of a commercial paper program is the final step in creating Assurant's capital structure following its February 5, 2004, initial public offering. The new facility further adds to Assurant's financial flexibility and gives it additional access capital, when and if needed in the future. Also in February 2004, the or...
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