On May 23, 2007, Standard&Poor's Ratings Services assigned its 'A-' rating to Travelers Companies Inc.'s (NYSE:TRV; A-/Stable/A-2) $1.5 billion senior notes, which are maturing in 2012, 2017, and 2037. The company intends to use the proceeds from this issue to pay down its $442 million, 5.01% senior notes due Aug. 13, 2007, and $42 million of medium-term notes maturing before year-end 2007 as well as for general corporate purposes. The counterparty credit rating on Travelers is based on the group's very strong market position, strong operating performance, very strong operating-company capitalization, and conservative financial leverage and coverage ratios. The ratings also reflect our view that the reserving and integration issues arising from the merger of St. Paul Cos.
