UnumProvident Debt Rated by Best: 'Stable'

A.M. Best Co. has assigned indicative ratings of "bbb+" senior debt, "bbb" subordinated debt and trust preferred and "bbb-" preferred stock to securities, which may be issued under a $1.5 billion shelf registration filed by UnumProvident Corporation [NYSE: UNM] (Chattanooga, TN). The outlook for all the ratings is stable. UnumProvident filed the shelf registration to provide future flexibility for the organization. In June 2002, UnumProvident issued $400 million in new long-term debt to replace existing commercial paper and maturing medium-term notes. This caused nearly all of the remainder ...