Fitch Rating on Ohio Casualty Notes

Fitch expects to assign 'BBB-' ratings to Ohio Casualty Corporation's (Ohio Casualty) announced $125 million private offering of senior convertible notes. Proceeds from the offering will be utilized to refinance existing bank debt. Assignment of these ratings assumes no material change in terms and conditions before issuance. The Rating Outlook is Stable. The rating reflects Ohio Casualty's conservative financial leverage, increased strategic focus on underwriting, and progress made thus far in the company's turnaround improvement plan. Weighted against these positives are recent poor operat...