NEW YORK (Standard&Poor's) Feb. 21, 2014--Standard&Poor's Ratings Services said today that it assigned its 'BB' subordinated debt rating to Kemper Corp.'s (NYSE: KMPR) new offering of 40-year subordinated notes maturing in 2054. This rating reflects the notes' hybrid equity-like features such as a long maturity date and deep subordination to Kemper's senior unsecured debt. We treat the subordinated debt as intermediate equity content. At the same time, we assigned our preliminary 'BBB-' senior debt, 'BB+' subordinated debt, and 'BB' preferred stock ratings to Kemper's unlimited universal shelf. We expect Kemper to use the net proceeds from the notes for working capital and general corporate purposes, and probably to support partial repayment of Kemper's 2015 or 2017
